Despite a more mixed macroeconomic picture, we see five factors that offer robust support for new ATHs on the SPX in the near future.
1/ Solid support from earnings: Now 83% of S&P500 have reported and 79% of them beat EPS expectations. Q1 saw rising profit margins and EPS revisions have improved. 12-month forward EPS hit a new high for the SPY at $255.
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