Another record high with better jobs data, but near-term positioning is already high

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Another record high with better jobs data, but near-term positioning is already high. Anticipation of OBBB help fueled the rally but be aware of profit taking after the pass on July 4th. NFP is better than expected thanks to government hiring, so Fed is in back seat for the summer. Market could have quick readjustment to the July 9th tariff decision next week. We took some chips off the table but expect market to be in buy dip mode at least until Fed cut in September.

SPX ATH breakout

NASDAQ 100 ATH breakout