S&P pushes to records, AVGO shows AI demand is real…
The market keeps pressing higher, but under the surface we’re starting to see conditions that could line up into a very attractive setup. The S&P 500 closed at a new all-time high, now up more than 10% YTD despite a sharp 23% intraday drawdown earlier this year. The move underscores just how resilient this market has been, grinding higher even as earnings have been mixed and macro conditions remain uncertain. Momentum has kept buyers engaged, and dips have been shallow.
But sentiment is starting to lean heavy. The NAAIM exposure index shows fund managers are pushing their allocations to the long side, while the CNN Fear & Greed Index has drifted into “Greed” territory. Positioning feels off-sides, which doesn’t necessarily end the bull market, but it does set up conditions where any negative catalyst could trigger sharper swings.
Sentiment …