We may be early in a potential bubbly phase for US equities. [Week #18]

Fundamentals + Flow + Positioning = Possible Melt-up

Macro dashboard update

Growth

• S&P 500 Forward Operating Earnings: The 12-month forward EPS continues to trend upward. Q2 2025 is showing signs of recovery, setting the stage for a robust earnings season this summer. This positive momentum is expected to drive the S&P 500 to new highs.