Infrastructure companies play a key role in supporting the global economy and are at the forefront of some serious mega trends. 

These companies literally build and service our everyday lives. 

After 17 years of no progress, the iShares Global Infrastructure ETF $IGF is now challenging its pre-financial crisis highs as buyers work to complete a massive base.

Bitcoin broke out of a multi-year base back in November and surged rapidly from $70K to $100K, hitting my initial target in a matter of days.

Fast forward to today, and it has been consolidating within a tight range, digesting gains just below the key psychological level of $100K. 

This level is also the 161.8% Fibonacci extension from the 2022 bear market.

For the market to experience a meaningful correction, we need to see clear signs of defensive rotation—and so far, that hasn’t happened.

In the bond market, U.S. Treasuries are viewed as the defensive play, especially compared to their High Yield counterparts. 

It’s the same concept in equities when you compare Consumer Staples to the broader S&P 500. If the environment favors risk-taking, both Treasuries and Staples should underperform.

Overlaying the Treasuries versus High-Yield ratio (IEI/HYG) with the Staple vs S&P 500 ratio (XLP/SPY), you’ll notice they move in the same direction.