We’re likely in the final phase of the Bull Market Cycle—the “Blow-Off” phase—with sub-phases of “Renewed Optimism,” “FOMO,” and now, possibly, “Euphoria.”
Last week’s ~5% gain in the S&P 500, despite late-cycle signals like a yield curve inversion and rising unemployment, suggests we’re near the peak.
The Presidential election may support business sentiment, but it doesn’t shift the economic trend overnight. This looks more like a late-cycle rally with growing risks than the start of a new bull market.
