With the choppy pattern of this chart and long-term Treasuries finally starting to gain a little ground, we could be at or near the peak of this year’s tech rally. It doesn’t really stand out on the longer-term chart, but gains in long-dated Treasuries are slowly standing out against still-rising rates on the short end of the curve. The summer isn’t the typical time when equities correct and incite a flight to safety trade.

Even as tech stocks turn choppier relative to the broader market, discretionary stocks remain the most consistent outperformer in this market. There could finally be a flight to safety trade slow-building. Lumber prices collapsed over the past year or so and this could still just be a bounce off of oversold levels.

Tech stocks moved steadily higher throughout the entire week, but especially so after the Fed’s hawkish rate pause. While tech and growth maintain control of market sentiment, cyclicals continue to be lifted higher by the demand for risk assets. And just like that, the lumber/gold ratio is at its highest level since March.