Inside Markets — Longer Term Outlook

A bullish fundamental outlook still requires resilient macro conditions, above-trend earnings growth and fading trade tensions.  An accommodative Fed and fiscal impulse in H1’26 from the OBBB should reinforce confidence in ongoing macro resilience.  While hard to quantify, deregulation efforts, AI related productivity gains, and geopolitical competition are added tailwinds. From a technical perspective, the SPX remains in a bull market at levels above 6147 and holds its near-term bullish trend above 6550.  And pullbacks should be an opportunity to add exposure in a bull market.