On this chart, the S&P 500 has clearly outperformed global liquidity in recent months: prices have risen faster than the available money supply. This means that the market is already anticipating a lot of good news (rate cuts, growth, profits).

In short: Wall Street is running ahead of the monetary tap. If liquidity catches up, the rise is justified. If it slows down, the market can quickly find itself a bit out of breath.

In any case, it's absolutely magnificent!