83% of the S&P 500 have beaten their estimates...you'd think we were coming out of a recession or something.
July would have finished in the red for the S&P 500 (SPY) if it weren't for the Mag 7 stocks. In 2025, they are responsible for 48% of the market's returns!
This particular chart on the S&P 500 (SPY), expects a major sell-off starting in 2026.
Since mid-May, the decoupling of RSP vs S&P 500 continues to increase.
SPY intraday holding up very well at 619 over the last two sessions.
It'd be ironic if suddenly the crowd became bearish in July on SPY.
Devalue the dollar enough, you can spark a stock market rally and ignore the purchasing power decreasing.
The divergence is catching eyes between Dow Transports (IYT) and SPY.
With the exception of Healthcare and Semiconductors, everything else seems bent on reflecting overall price action on SPY.
The 200-day moving average and major price level support being tested on SPY here.
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