July 16, 2021: Given the emergence of recent technical divergences…

We are recommending the following incremental reductions in the Model Fund Portfolio:

• Decrease the allocation to the Invesco S&P 500 Equal Weight Technology ETF (symbol: RYT) from 15% to 14%.
• Decrease the allocation to the Industrial Select Sector SPDR ETF (symbol: XLI) from 9% to 8%.

Future changes will be made depending on how the weight of the evidence develops. The Model Fund Portfolio is now 78% invested, with 22% held in short-term Treasurys or a money market fund.