Self explanatory chart of the S&P 500 futures, from the last quarter. Market has priced out war and a sticky oil price and gone with CPI deflationary prints, Federal Reserve cutting/pausing rates and the surging tech sector high on an "AI" chip war revving up. Also to note, is the $8 Trillion, of Fed 'pandemic stimulus' that was to the banks, parked in cash and money market funds. *link in post*

 

And to think that your 'pandemic stimulus' has all but evaporated from the inflation 'spike' of 2022 and 2023.  Although still lurking though, that being COVID and inflation.   From the Wall Street Journal: wsj.com/finance/investing/the-8-8-trillion-cash-pile-that-has-stock-market-bulls-salivating-0a1b4a8c