New all-time highs for S&P 500 futures...

Some people are calling this market "too hot", but they're wrong.

The reality is that the S&P 500 is only +8.8% above its 200-day exponential moving average (lower pane), less than prior local highs during this bull:

• July 2023: +13.1% above 200-day EMA

• March 2024: +14.9% above 200-day EMA

• July 2024: +15.2% above 200-day EMA

In other words, this market could still have room to run.

The market can stay overheated.

Strength begets more strength.

Etc., etc., etc.

Embrace nuance.

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