[PLUS] July Weight of the Evidence: Choppy Environment Persists With Evidence Still Neutral

Key Takeaway: Large-cap US stock market indexes have moved to new highs, but the average stock in the US and the average market globally has struggled to keep pace. The recent decline in bond yields has eased some of the liquidity strains that had been emerging, but a continued drop from here could raise concerns about the health of the recovery. This comes as valuations and investor sentiment reflect optimism and the assumption of better case (if not best case) scenarios. Breadth remains bullish within our framework, though continued deterioration beneath the surface of the market could soon lead to a downgrade there.

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