The stock market advanced solidly during a quiet month. The steady pace since the beginning of the year is especially beneficial for the Meta Strategy Aggressive ETF Portfolio (up by over 20% in 2021). A much expected consolidation period proved to be mild, when the S&P 500 temporarily pulled back by 5% in the beginning of May.

Nonetheless, this had the effect that recent, unhealthy extremes in market breadth, sentiment, and positioning have now normalized. While these indicators have plenty of room to swing further into the opposite direction, they are not an outright obstacle to rising prices anymore.