I'm still leaning bullish on the overall market here.
My read is that the broader structure remains constructive. If the trend and liquidity stay aligned, there's roughly a 70% probability path toward fresh all-time highs.
$SPDR S&P 500 ETF Trust(SPY)$ has rotated back into a clean uptrend phase after the recent consolidation, and that's typically when momentum starts to rebuild under the surface before showing up in the indices.
What stands out most is leadership staying intact. $NVIDIA(NVDA)$ continues to hold the trend, and the Mag 7 cohort—$Amazon.com(AMZN)$ , $Alphabet(GOOGL)$ , $Apple(AAPL)$ —are still behaving like market anchors rather than showing signs of distribution.
As long as these leaders don't break structure, the path of least resistance still points higher for equities overall.
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