Summary

• The S&P 500 is back to overbought already, but fundamentals remain pretty solid.
• Q1 and Q2 ’26 expected S&P 500 EPS growth is still relatively flat with a slight positive bias, but Q3 ’26 is seeing expected EPS growth revision to +22.4%, versus the +14.4% on January 2nd, ’26.
• S&P 500 expected revenue growth is seeing 200 bp acceleration for Q1 and Q2 ’26, which is a pretty healthy revision.
• The tech sector is expecting 27.1% revenue growth in Q1 ’26, along with expected 46% EPS growth.

Originally published on April 19, 2026

When the news gets too good in the stock market, it can be as much of a warning sign as an incentive for either equity allocations to float higher in

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