That type of V-shaped recovery demonstrates the underlying strength of this bull market, despite persistent macro uncertainty.

Cyclical growth sectors have led since the April bottom, with market breadth notably improving into early May. If the Fed delivers a rate cut in September, and tax cuts materialize as expected, cyclical leadership could extend further. Combined with seasonal patterns and typical post-election tailwinds, the setup supports cyclical outperformance through year-end.

However, with oil prices retreating and rates remaining stable, the Goldilocks economy appears undisturbed for now. That suggests this bull market remains sustainable.