The market doesn’t care. That’s the takeaway heading into July — and now earnings season is up next.
We’re already sitting at all-time highs. The S&P 500 has ripped since the April pivot, barely pulling back along the way. May was a vertical move. June followed.
Even the U.S.-China 90-day tariff pause didn’t phase anything. Stocks just shrugged and kept climbing. But now the next catalyst is in sight — and it’s going to matter.
The AI Buzzwords Are Coming
Earnings season kicks off in full the week of July 8, with Financials (XLF) like BlackRock (BLK) and Wells Fargo (WFC) starting to trickle in by mid-month. That’s when the tone shifts.
It’s not about rate cuts anymore — the market’s already priced in three. The Fed doesn’t even speak again until July 30. That window puts all the pressure on companies to show strong results.
And not just backward-looking numbers. Guidance, growth and how many times they say “AI” will drive market reaction. It’s a good setup for news-based trading — especially in my News Breakers strategy! — but the broader question is whether companies can justify current valuations.
Breadth Isn’t Great — But the Clock Is Ticking
About 70% of stocks in the S&P 500 are above their 50-day moving average, but only 51% are above the 200-day. That’s not great breadth.
A healthier move would need to push that 200-day number closer to 55% or higher. If it does, this rally has room to run.
Until then, it’s a melt-up without a clear catalyst. The Fed’s on pause. Headlines aren’t moving anything. Now it’s all about earnings — and whether the market finally reacts to something.
I’ll see you in the markets.
Chris Pulver
Chris Pulver Trading
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P.S. The Trump’s Secret no one’s talking about…
Over the past few months, we’ve seen almost every move Trump’s made rattle the markets in ways we never imagined…
But now, it seems the markets are getting used to him – which means we’re seeing fewer sharp moves when he makes an announcement…
While this could seem like a missed opportunity for directional traders, it opens up a special window for those who know where to look. Want to see how you can take advantage of this shift?
