"If everything was rolling over together, this chart wouldn't be making new highs"

1. Tech breadth. "59% of S&P 500 technology stocks are now trading at least 20% below their 252-day highs, a common definition of a bear market."

2. SPX breadth. "If everything was rolling over together, this chart wouldn't be making new highs ... If breadth starts weakening alongside Technology, that's a different story. Right now, this still looks like rotation inside a bull market."

3. Mag 7 vs. Other 493. "The 493 is responsible for around 96% of the price-only return this year."

4. Value momentum. Large cap Value (proxied by $VONV) rallied by more than 15% over the 3-month period ending June 29. Small sample size, but similar bouts of momentum have typically been followed by above-average gains. Full dashboard here.

5. SPX valuation bands. "Consensus currently expects 2027 EPS at around $400. If that number doesn't really change by year-end and valuations stay around where they are today, that gets you comfortably to around 8000 on the S&P 500."

ICYMI