SPX Update

Nothing much to add since last update, but I did stumble across this chart of inflation-adjusted earnings yield from Bloomberg and found it interesting as a possible fundamental argument favoring the idea that Wave 5 could be near completion/complete:

Chart-wise, we're still in pretty much the same spot we were in last update:

No change to my stance on the long-term unless SPX can sustain a breakout over the noted trend line:

In conclusion, no change to the last few updates, but the earnings yield chart is interesting.  Traditionally (for whatever that's worth these days), low earnings yield suggests overvaluation, and present readings are extreme.  Trade safe.