DB: After 2 months of going sideways in a tight range until the middle of last week, the S&P 500 jumped well above in just 4 days. Unlike most such sharp rallies, which typically occur after a sizable selloff, this one occurred with the S&P 500 just 4% below record highs.

It is also the 2nd quarter in a row when the market has been range-bound for an extended period before breaking out during earnings season, reflecting a resistance to position for the exceptional earnings growth being delivered but also bursts of catching up towards it.