Technical Indicator Summary The daily RSI for the S&P 500 remains overbought (>70) while the Russell 2000’s daily RSI has fallen back into neutral territory (>30 and <70). Technical Review The June S&P 500 gained +0.24% on Monday to settle @ 7436.75. Hedgeye’s risk range on Monday’s session was 7462 at the top and 7269 at the bottom (red lines on the chart above). The VIX finished Monday’s session near 18.43. Option dealer gamma remains in positive mode as of Monday’s close. When option dealer gamma is positive, option dealers mechanically BUY weakness and SELL strength to hedge their exposure. Positive gamma for option dealers increases the odds of LOWER realized volatility and SMALLER percentage moves up or down from one day to the next. Market Outlook The Strait of Hormuz remains closed and US equity markets are unlikely to care unless crude oil makes new highs above $120 or so. This week we get a fresh batch of weekly US energy inventory data. The American Petroleum Institute (API) reports on Tuesday afternoon and the Energy Information Agency reports on Wednesday morning. Before Tuesday’s opening bell, we get the April CPI report. According to some global macro research, April CPI forecast is 3.62% YoY, up 36 bps MoM, and tech earnings could peak in Q2 before decelerating in the second half of 2026. Economist Steve Hanke and “Commodity Guru” Jeff Currie (former Head of Commodities at Goldman Sachs), both recommend rotating out of the tech stocks and into hard commodities. Both Hanke and Currie say we are at the beginning of a commodity super cycle. This does not mean that the tech sector will not go higher from here for a little longer, it easily could. If you have an interest in learning how to add exposure to a potential bull market in commodities, please give us a call at 949.488.0545 or email us at info@altavest.com. According to the CME’s FedWatch Tool, rate markets are pricing in a 2.2% chance of a rate cut at its June 17 FOMC meeting.

Technical Indicator Summary The daily RSI for the S&P 500 remains overbought (>70) while the Russell 2000’s daily RSI has fallen back into neutral territory (>30 and <70). Technical Review The June S&P 500 added +0.76% on Friday to settle @ 7419.00. Hedgeye’s risk range on Friday’s session was 7475 at the top and 7276 at the bottom (red lines on the chart above). The VIX finished Friday’s session near 17.16. Option dealer gamma remains in positive mode as of Friday’s close. When option dealer gamma is positive, option dealers mechanically BUY weakness and SELL strength to hedge their exposure. Positive gamma for option dealers increases the odds of LOWER realized volatility and SMALLER percentage moves up or down from one day to the next. If the June S&P 500 closes back below 6778, the option dealer gamma will flip back to the negative side. Market Outlook It is not hard to spot which sector led the S&P 500 higher on Friday... 6 of 11 S&P 500 sectors finished the day in the red. Tech earnings could peak in Q2 before decelerating in the second half of 2026. Economist Steve Hanke and “Commodity Guru” Jeff Currie (former Head of Commodities at Goldman Sachs), both recommend rotating out of the tech stocks and into hard commodities. Both Hanke and Currie say we are at the beginning of a commodity super cycle. This does not mean that the tech sector will not go higher from here for a little longer, it easily could. In fact, Hedgeye just interviewed both Steve Hanke and Jeff Currie two weeks. Here is what they had to say… • CLICK HERE → Interview with Steve Hanke • CLICK HERE → Interview with Jeff Currie If you have an interest in learning how to add exposure to a potential bull market in commodities, please give us a call at 949.488.0545 or email us at info@altavest.com. Weekly Chart of the Bloomberg Commodity Index futures contract... According to the CME’s FedWatch Tool, rate markets are pricing in a 6.1% chance of a rate cut at its June 17 FOMC meeting.

Technical Indicator Summary The daily RSI for the S&P 500 remains overbought (>70) while the Russell 2000’s daily RSI has fallen back into neutral territory (>30 and <70). Technical Review The June S&P 500 slipped -0.36% on Thursday to settle @ 7363.00. The VIX finished Thursday’s session near 17.16. Option dealer gamma remains in positive mode as of Thursday’s close. When option dealer gamma is positive, option dealers mechanically BUY weakness and SELL strength to hedge their exposure. Positive gamma for option dealers increases the odds of LOWER realized volatility and SMALLER percentage moves up or down from one day to the next. If the June S&P 500 closes back below 6778, the option dealer gamma will flip back to the negative side. Market Outlook Another “imminent peace deal” between the US and Iran has come and gone. But fake peace deals are not the only reason that the S&P 500 rallied to new all-time highs on Wednesday. Q1 earnings are coming in hot! Tech earnings could peak in Q2 before decelerating in the second half of 2026. Aside from the risk of oil prices pushing to new highs above $115, the set-up for US equities remains bullish through June before the US economy starts to sputter in July. So, if you are looking for a big correction in US equities, the highest probability comes in the July/August time frame when stagflation surfaces further. According to the CME’s FedWatch Tool, rate markets are pricing in a 5.2% chance of a rate cut at its June 17 FOMC meeting.