The S&P 500 has gone 22 trading sessions without a single-day decline of 1 % or more, flirting with all-time highs above 7,700 points. Total market capitalization for the index crossed $67 trillion, with roughly $8.7 trillion added in the second quarter alone. The VIX volatility index has remained low for 18 consecutive days, printing in the mid-teens to low-20s. Historical data on similar streaks shows a 77 % to 89 % probability of positive forward 12-month returns, but also an 11 % to 23 % probability of a down year. The rally is no longer a pure technology story, with non-tech stocks and equal-weighted strategies participating meaningfully in the gains.
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