"Looks like there was a bit of melt up in SPX"I wouldn't call it...

"Looks like there was a bit of melt up in SPX"

I wouldn't call it a "melt up". Its just the same big cap stocks being ramped up by Biden (e.g. Apple, Tesla, Nvidia...).

Biden (and his Wall St cronies) are doing everything they can to avoid a recession. This includes pushing the market up and pumping more money into weapons production.

The US market has become the main lever for stimulating the US economy (when they can't print money). 60% of US workers have a 401(k) fund. This is similar to our super funds except it is almost entirely invested in the S&P500 and is stated every time workers get paid. So, when the US market goes up, most US workers feel richer and spend more. When the US market goes down, all US workers feel poorer and spend less.

That's why it is hard for a recession to start in the US when the market keeps going up and why the economy crashes instantly into a recession when the market tops and goes down. Especially when 40% of the workforce have no 401(k) fund (e.g. part timers) and are maxed out and living in a tent.

This is probably why other markets (including the ASX) appear to have become detached from the US market. Investors are becoming worried about a recession and company earnings. The US market is not immune from this, but Biden's cronies just keeps pumping more money into the big cap IT stocks to keep the market going up so that he looks good.

The big question is: How long can Biden keep this going??? One thing is certain, if he can keep this going, the US market will be a good short after the US election no matter who wins.