Inside Markets — Tactically Bullish Fundamental Outlook
Recall, a tactically bullish fundamental outlook requires ongoing U.S. macro resilience, earnings growth, and favorable trade rhetoric.
Inside Markets — Record Consumer Cash
According to the Fed, U.S. consumer cash reserves reached a record $21T in Q1’25, up from $14.8T in Q4’19.
Inside Markets — Favorable Near-Term Setup
The near-term setup for equities is favorable if we can assume we’re past peak geopolitical risk (
Inside Markets — Middle East Risk Defined
Markets have a history of largely ignoring geopolitical risks as these events tend to be short-lived.
Inside Markets — Corrective Price Action
A more challenging near-term fund flow dynamic increases the probability of corrective price action.
Inside Markets — Bullish Regime
The SPX shifted back to a low-volatility, bullish regime on May 12, which made February’s all-time high the near-term price objective.
Inside Markets — Israeli Air Strikes
U.S. equities are lower in global risk off trade following Israeli air strikes against Iran’s nuclear and military facilities.
Inside Markets — U.S. Consumer
Updates on the US consumer from yesterday’s sell-side Financials conference were mostly positive.
Inside Markets — SXXP
Today’s market internals for the STOXX Europe 600 Index (SXXP) look like the three sessions immediately following the US/China trade détente (5/27-5/29) when the momentum factor sold off.
Inside Markets — Pain Trade
The pain trade remains skewed to the upside with the SPX just ~2.4% below its all-time high.