S&P 500 Index
Investment Thesis
SPY is at all-time highs in a confirmed uptrend, but classic late-stage divergences have appeared: extreme equity call-buying (P/C 0.43), a MACD rollover near resistance, and only moderate breadth participation (56% above 50d MA) — all pointing to a near-term tactical pullback to the $730 support zone before any continuation higher.
Catalysts to Watch
SPY printed a new 52-week high ($750.59) while the equity put/call ratio collapsed to 0.43 — flagged as "extreme greed" — and the MACD histogram flipped negative for the first time in weeks, signaling fading momentum at the highs.
Why It May Work
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Timeline
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