Nine green weeks. ATH broken. MRVL and CRM both beat after hours Wednesday, giving the AI capex-to-revenue loop two more confirmations after NVDA last week.
But the buying that’s been propping up every dip isn’t organic. Corporate buybacks are the biggest bid in the market. Options positioning is dampening every move automatically. And the big money isn’t aggressively adding. They’re holding, not buying more. The market’s grinding higher on autopilot, and the autopilot has a switch-off date.
ES is sitting around 7,554. The ADR’s compressing (20-day average: 59.75 pts, today’s range: 55.75). The market’s quiet. Too quiet for all-time highs with PCE, GDP second estimate, and a loaded earnings calendar all landing Thursday.
Below the fold: the level scorecard, updated game plan with positioning baked in, themes that survived the week, and why the Lie drops back to zero.
