Investors certainly aren't buying at the top, which supports a continued move higher for stock prices.

Despite some weak macro data, the leading indicators suggest the end of the earnings recession, which is statistically positive for stocks with earnings season now on the horizon.

Nothing changed last week except the price action... but even that was inconsistent with a market selloff.

The combination of sentiment, fundamentals, and technicals points to a potential near-term move for the S&P 500 to the 2,240 level.

The leading economic data continue to support perhaps the most reliable long-term stock market indicator of the past 65 years to point to a further move higher in prices.

Inflation data continue to suggest a push back for the next rate hike, but some of the key economic data are now showing a positive trend in the fundamentals to support the breakout in stock prices.

There are signs of improving net margins helping signal the end of the earnings recession.

Guidance this earnings season is matching business sentiment, as usual, but now it is pointing to better results in the future and continued support for the stock market's move higher.

A pullback to retest support would be better, but the leading data supports the technical move as a bull flag forms.

There are still a couple of divergences preventing confirmation of the breakout, but most of the data supports the move and, for earnings, it continues to favor trading long ahead of the news.