Bottom line
- Weight of the evidence has been suggesting flat/lower stock prices short- to medium-term, that will moderate with recent weakness; still suggesting higher prices long-term
- Dumb Money Confidence was recently above 80% with evidence of skyrocketing speculation while the market environment is turning more neutral - typically a bad combination, and failures were approaching record length
- Active Studies show a heavy positive skew over the longer-term mostly thanks to the March/April/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)
- Indicators and studies for other markets are showing less consistent forward results, though it's not a great sign for Treasuries that hedgers were net short (starting to reverse now) and optimism on metals recently became extreme with concerning 100-day analogs, and recent "perfect" breadth among miners.