SPX: Extremely overboughtS&P 500SP:SPXXBTFXA new week brought a fresh, new ATH for the S&P 500. The index advanced to record levels, hitting 7.266 on Friday, supported by solid macroeconomic data, including roughly 2% U.S. GDP growth, resilient consumer spending, and still-elevated inflation above 3%, which has delayed expectations for Federal Reserve rate cuts. Markets were a bit quiet before the FOMC meeting, where the Fed held interest rates unchanged, however, Thursday and Friday brought a new wave of optimism among investors. On a geopolitical side, developments related to tensions and conflict involving Iran contributed to volatility in oil prices, though easing crude levels helped stabilize sentiment and support equities. It should also be considered that several big names posted quarterly results, which was an add-on to the general market optimism. Within the index, performance was driven by strong corporate earnings: Alphabet rallied on robust Q1 results, with revenue rising about 22% y/y to roughly $110 billion, beating expectations. Growth was primarily driven by its Google Cloud division, supported by enterprise demand for AI services. Amazon also exceeded expectations, with Q1 revenue around $181.5 billion (+17% YoY) and strong profitability. Its AWS cloud unit remained the main driver, with revenue growth close to 28%, marking one of its fastest expansion rates in recent years. On the opposite side were Microsoft and Meta Platforms, which declined amid concerns over AI-related spending. Outside big tech, Caterpillar and Eli Lilly rose on strong earnings, highlighting broad-based support across sectors, while this week the oil industry was on a losing side. With easing oil prices and solid output of US companies, the investors' optimism should hold. However, the week ahead brings Non-farm payrolls and Unemployment data for the US market, in which sense, some short-term relaxation in the index might be possible.