The Complete Flows, Technicals & Positioning Market Summary As We Enter The Second Half

Here we are on the last day of the first half of 2025 with the S&P trading at new all time highs, because of what Goldman's Pierre Saboreault calls rapidly improving sentiment, which can be seen as a result of the cease-fire in the Middle-East, the resulting drop in Oil prices, and the incrementally dovish narrative from Fed speakers as well as superficial easing in trade and tariff negotiations.

Taking a closer look below the surface, Megacap Tech has taken back its leadership role (up 6% last) with the AI bubble raging once more (GSTMTAIP +502bps on the week); Meanwhile, the retail bid is clearly visible through the lens of Goldman's Non Profitable Tech (+856bps), Retail Favorites (+450bps), and Memes (+354bps) baskets.