Crude oil and Dutch natural gas signal a potential larger uptrend phase, while bond yields trend higher and most major stock indices navigate mature uptrends..

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Global stock markets remain within broadly constructive longer term uptrends, but increasingly mature bull markets are showing signs of consolidation and investor complacency. While we continue to favour further gains in several major markets, the near-term picture has become less clear-cut. Could the next move be another leg higher - or even a late-stage melt-up - or are some markets becoming increasingly vulnerable to a more meaningful correction?