Today’s futures level of 5,129.15 on the S&P 500 reflects mixed trader sentiment amid subdued volatility. Tracking ETF flows shows continued preference for growth-heavy baskets, pointing to a bullish bias. It's becoming downright impossible to sweep a Shiller P/E multiple of 40 under the rug, regardless of how fast a handful of megacap companies are projected to grow in the coming years. The S&P 500 health care sector surged 6.8% last week to lead the index to record levels. That was the sector's best weekly gain since the week of June 24, 2022, when it surged 8.2%. With S&P 500 futures at 5,130.75, sentiment leans bullish following stronger-than-expected housing data. Real estate and consumer discretionary sectors are drawing fresh attention. Technical indicators confirm upward momentum is still in play.
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