Short-term traders in "S&P 500 Index Futures" are eyeing resistance at 5,260, as earnings season fuels sector-specific rallies. Macro data from manufacturing later today could change intraday direction. But as stocks have risen, so have valuations. By one measure (which I'll get into in greater detail in a moment), this is the second-priciest stock market when looking back 154 years . Amazon' s cloud business and advertising tailwinds are "underappreciated," according to Goldman Sachs. Pre-market levels show "S&P 500 Index Futures" consolidating at 5,230, awaiting direction from upcoming retail sales figures. Hedge funds have increased exposure to cyclical sectors, betting on continued U.S. economic resilience.