An interesting development is taking place on this chart:
The ratio chart (relative strength) of Global Real Estate versus Global Equity seems to be “bottoming”. What is different from the previous attempt in 2017 is that this ratio line has already crossed the 26-week moving average, which has been a pretty good indicator of previous trend changes. How this plays out is an unknown, but there is a good chance that until rates are not increasing dramatically, we’ll see a pullback to the previous support level.
Disclosure: We have no positions in RWO.