Bottom line
- Weight of the evidence has turned mostly neutral, with offsetting extremes in some measures along with a neutral market environment
- Dumb Money Confidence has come down to neutral territory though unrivaled options speculation is still a big worry
- Active Studies show a heavy positive skew over the longer-term mostly thanks to the March - May breadth thrusts, recoveries, and trend changes
- Signs of extremely skewed preference for tech stocks neared exhaustion by late June, especially relative to industrials and financials (here and here)
- Other markets seem driven in large part toward sentiment in the dollar, which is nearing the point that other medium-term rallies have stalled