Weekly Indexes

Updated 5/23/2026

[Indexes are updated weekly, make certain to check the date above to know you are looking at current actionable charts]

The most hated rally ever continues, and ‘stock market bubble’ continues to be the new buzz-phrase of the day. For those of you who have followed me on X for years know that for me, a bubble is a good thing. For those who do not, I will repeat it here. The BEST markets, and the BEST returns I make are during stock market bubbles. If you look at history, average P/E’s of the indexes tend to be around 18X (off the top of my head), but it is an average…that means there might be years when it reached 30X, and other times when it reaches 12X (again just making up numbers to prove my point). What this tells me is I am in no position to tell the market what it should trade at to be at fair value. I instead ‘listen’ to the market, and let it tell me. Take for example a stock we’ve been pounding the table on since last year Sandisk, where we told you again and again, that memory > GPU’s was the way to invest in AI. We’re up over 500% 6 months later, and haven’t even tagged my next target yet. At current prices SNDK is trading at an expected 8X P/E off their 2026 eoy numbers (personally I think they crush their numbers and that ends up being an even lower number). That’s still too cheap IMO for a stock who has visibility into being sold out for the next two years. I also understand that at some point the party will end, and will likely end badly. BUT what I don’t know is just how insane it might get, if and when it is an actual bubble. SNDK could triple from here, and then get cut in 1/2. Who am I to decide whether SNDK should trade at 8X, or 20X, or even a 40X multiple…I just don’t know!! I’ll just leave it for Mr. Market to let me know when the parties over. I also know historically that large TAM market leaders like this typically have 20-30% drawdowns along the way…i’m ok with that. As long as management executes, and the TAM looking out is growing, I will try my best to tune out short term noise. I tend to find that the loudest one’s shouting ‘Bubble!’ tend to be the one’s that missed the entire move….they aint gonna let them in.

SPY - I keep it simple…we’re at ATH’s….the macro backdrop continues to be solid (with the exception of the Iran wildcard). We have all the re-shoring, factories being built, strong employment, much larger tax refunds, etc , etc. As for the new highs, recall….We make new highs till we don’t - So #YouRideTheBullYouPetTheBear ←— Shortsellerisms… Depending on one’s timeframe, and risk management, instead of jumping off the bus because you have a ‘hunch’, just use intelligent stops. For me, the UTL shortest of timeframes…the earlier ATH retest (that’s like 3% lower), and that demand zone like 10% lower would also make logical levels where I would derisk (Only if lost - if not it’s an add zone….Could things get bloody? Not my current expectation, but no reason why they couldn’t, but that’s why we look at the market (and stocks) level to level…I don’t overthink it.

So forget about ‘Sell in May and go away’ and instead be the smarter investor who would welcome an opportunity to add & buy their great large TAM leading stocks!

ES - The easiest method to monitor this IMO is a simple stop….earlier ATH breakout retest and fail should have you on defense…we good for now…. Top of channel is objective

QQQ Coiled up

IWM Flagging

DJI Broke out and joining the party