Well, that stunk (to put a nice word on it). All it took was a higher inflation print than forecast to put the brakes on and create a strong short term top in the last week of February. Bowley (@Stockcharts) wrote that February is historically the worst month of the stronger winter period, and this year (again) followed the pattern.
GTAA indicators are below. The summary:
* US LC Momentum, Emerging, Total bonds and 7-10 year treasuries flipped back below their moving averages to an 'out' state. (As yields increased in a changed anticipation of longer interest rate increases or pushed rate decreases.)
* Cash is now the top ranked asset based on straight average rank of 1,3,6, and 12 month returns. This condition is likely very short lived.
* Foreign Developed, US Small Cap and global high yield remain the top 3 non-cash in this ranking system (out if following Dual Momentum).

Timing signals
* The 3 active short term trend signals have flipped to a 'bearish/top' state.
* $NAHL (BC1) is back to bearish with a reading of -35 on the 9D EMA. SMA slope has gone back to Neutral.
* Midterm breadth has deteriorated.
* The Dow corporate bond index has flipped to bearish with the bond selloff/yield increases.

My overall dashboard has dropped back to 'Neutral' (-1) from solidly bullish 2 weeks ago.

Asset Class 	Signal	Last	Since	# wks	Top6	Rank
US LC	        CHG	IN	2/1/23	 3		8
US LC Momentum	OUT	OUT	2/24/23	 0		11
US SC	        IN	IN	1/13/23	 6		2
US SC Growth	IN	IN	1/13/23	 6		5
For. Developed	IN	IN	11/11/22 14		3
For. Dev. SC	IN	IN	11/25/22 12		7
Emerging	OUT	OUT	2/24/23	 0              13
Real Estate	IN	IN	1/13/23	 6		12
Foreign Real	CHG	IN	1/6/23	 7		9
Total Bond	OUT	OUT	2/24/23	 0		9
10Y US Gov	OUT	OUT	1/7/22	 58		14
Global Hi Yield	IN	IN	1/6/23	 7		4
Preferred	IN	IN	1/13/23	 6		6
Cash/ST					          X	1

What madness will March bring?

FC