S&P 500: Pullback coming? – BBH

The S&P 500 was up four of last week's five sessions for a 2.3% gain and the 1.2% gain before the weekend was the largest single-day advance since last March, notes the research team at BBH. 

Key Quotes

“A couple of asset managers chastised investors who have been boosted allocation to cash as measures of valuation get stretched.  The S&P 500 has had one losing week in the last ten and that was the end of 2017.  A new record was set before the weekend.  The S&P 500 has not closed or moved below its five-day moving average in two weeks.  A break now might suggest a pullback.  It is found near 2840.5 to start the new week.   Among G7 stock markets, only Italy is besting the US (9.0% to 6.7%).”