"S&P500 now has the lowest PEG ratio in 30+ years"

1. DXY vs. G10. "The recent strength in DXY has been driven primarily by weakness in the Euro and Japanese Yen, which together account for roughly 70% of the index ... If this breakout in DXY is the real deal, I'd like to see the G-10 Currency Index break out as well."

2. NDX futures positioning. The L/S ratio on Nasdaq-100 futures is at a 17-year low.

3. Tech dispersion. "The most intriguing part of low correlations and elevated dispersion ... is how much of this is driven by the tech sector at a time when the entire industry is obsessed with the same thing: AI."

4. SPX profit margin. The blended net profit margin for the index is 15.7%, which would mark a record in FactSet data going back to 2009. Excluding Alphabet—the largest single contributor—brings the margin down to 14.4%, which still ranks second-best (behind Q1'26). At the sector level, 7/11 sectors are reporting YoY margin expansion and 8/11 are reporting margins above the 5-year average.

5. SPX price-to-earnings growth. "S&P500 now has the lowest PEG ratio in 30+ years".

ICYMI