Down, Down, Up, Down, Up

The last five trading days: SPY down 1.3%, down 1.3%, up 1%, down 1.2%, up 1.3%. In this context, today's action is not at all bullish but just another example of market confusion. Remainder: Stocks have decoupled from fundamentals such as geopolitical news or global economy. This is seen in the breakdown between US Growth Barometer and stock price:

Given the breakdown between stock price action and fundamentals, the day-to-day market action is unpredictable. Longer term, the fundamentals will act like gravity on stock prices.