The economy may be facing new headwinds, but the depth of the threat is still an open debate for those who worship at the altar of momentum and technical analysis. Representative ETFs for the major asset classes are no longer making new highs, but the selling so far has been modest. That’s no assurance that all’s well, of course, although the fact that prices have held up relatively well in the face of fresh macro worries is impressive. In fact, the latest round of anxiety has inspired the U.S. bond market to rally sharply, albeit for all the wrong reasons. Indeed, caution is in the air elsewhere. The week ahead may be a potent test for the crowd’s resiliency as updates arrive in the days to come for durable goods orders, initial jobless claims, and personal income and spending. Meantime, here’s a closer look at how the major asset classes stack up via proxy ETFs as of Friday’s close: