Extended rally off April lows should be completing imminently

Every so often, a market move defies conventional expectations of retracement—and the rally off the Liberation Day lows is exactly that. It’s extended longer and climbed higher than even the most bullish forecasts imagined in early April. No one remembers the calls for an imminent recession by most large Wall Street firms.

Now, we're pushing into yet another all-time high—despite glaring negative MACD divergence and a financial media landscape that’s nothing short of euphoric.

The narratives being pushed? Honestly, it’s hard to write them with a straight face:

Tariffs are no longer inflationary. Apparently, I wasted time and tuition learning international trade theory and macroeconomics. Who knew deficits and trade imbalances didn’t matter anymore? Who pays tariffs again? ...never mind.

Weak momentum since mid-May signals not exhaustion—but an “unhealthy absence” of institutional selling, which apparently means the retail trader is in full control now. Because that always ends well... right?

https://www.tradingview.com/chart/ES1!/KBsdkEik-Intraday-4-Hr-Chart/