"One of the market's strongest bullish environments quietly rolled off the clock"

1. Home prices. "Strengthening demand is pushing up prices. The median home-sale price rose 2.2% year over year during the four weeks ending May 10, the second-biggest increase in the last seven months."

2. US Big 4 storage. "In the last 6 weeks, we saw the big 4 storage, US crude storage with SPR, gasoline, distillate, and jet fuel fall by ~80 million bbls. The pace is expected to accelerate now."

3. NAAIM Exposure Index. Active managers took profits on US equities over the past week: sharpest drop in the NAAIM Exposure in over a year (Apr'25).

4. Breadth thrust expires. "The Breadth Thrust regime that began on May 12, 2025 just officially expired yesterday after its full 252-day window. One of the market's strongest bullish environments quietly rolled off the clock ... Since January 2005, all net gains in the S&P 500 have occurred during Breadth Thrust regimes."

5. Earnings expectations. Chart "shows all S&P 500 current quarter earnings estimates from 2006 to 2026. There have been bigger jumps in earnings expectations, but those have been after recessions."

ICYMI