S&P 500 Next Week Expected Move ($76.25)

Strange times we're living in. The more you understand, the less you forgive.
Lies, Damned Lies, and Earnings Estimates

I think we'll continue to rally for another week or two, but this is the last hoorah. A significant tone-change or event is nearby.
Sum of the evidence suggests late July-early August.

- Sentiment = FOMO
www.market-harmonics...nasdaq_sentiment.htm
www.naaim.org/progra...aaim-exposure-index/
www.indexindicators....-params-4y-x-x-20ma/

- Breadth = Deteriorating
www.mcoscillator.com...market_breadth_data/
www.yardeni.com/pub/breadth.pdf
www.indexindicators....-params-2y-x-x-20ma/
www.indexindicators....i-params-x-x-x-10ma/

- Macro = Nightmare
www.yardeni.com/pub/bearmktind.pdf
www.yardeni.com/pub/ecoindlei.pdf
www.advisorperspecti...leading-index-update
www.bloomberg.com/gr.../global-pmi-tracker/

- Fundamentals = Egregious
www.yardeni.com/pub/stockmktperatio.pdf
www.yardeni.com/pub/valucbnew.pdf
www.advisorperspecti...-valuation-indicator
www.advisorperspecti...ket-still-overvalued

- Technicals = Unyielding
www.indexindicators....a-params-x-x-x-20ma/

Best of luck next week,
- RH


Bonus:
- The Fed has begun to slow their fairy dust / Not-QE /
- Kanye is officially a presidential candidate, which argues in favor of a Trump victory.
- Setting new daily record Covid cases every day. There is organic growth, not just a factor of increased testing.
Deaths follow cases by about 25 days. We'll see that soon and the market's and the narrative are not prepared.