Chicago

Cycle Summary

Chicago sits in the Hypersupply phase, roughly between 12:30 and 2:30 on the cycle clock. This part of the cycle is typically associated with Anxiety. That supports a Defensive investment posture: preserve optionality, reduce marginal risk, and be reluctant to underwrite continued strength. The fundamental turn signal is turning downward, indicating that broad-based deterioration may be beginning to change the market's direction, while credit conditions remain open and are not materially constraining market activity.