How Much Improvement?
While the recent breadth thrust leans bullish for stocks, the CCM ETF Stack Rank Model shows the strongest trends on multiple time frames (1-month to 1-year) are still dominated by defensive ETFs (SPLV) and ETFs that benefit from lower/stable interest rates and a weaker U.S. dollar (e.g. income and foreign/emerging markets).
From a bigger-picture perspective, has the impressive V-rally in stocks flipped the trends back to a "the economy looks solid" footing? The chart below shows the intermediate-/long-term trend in emerging markets (EEM) relative to more defensive/income-oriented REITs