The S&P 500 has already hit 18 new all-time highs this year.

As I’ve been saying for a while, all-time highs are very positive. Few signals are more bullish than that.

t’s not just the index that’s at another high. Profits for companies in the S&P 500 also reached a new record last quarter. That’s why stocks keep pushing higher.

Earnings season is pretty much over for now. But we still have one big finale left: Nvidia, the biggest and arguably most important company in the world right now, reports earnings on August 27. That will definitely be a market-moving event.

The top three stocks — Nvidia, Microsoft, and Apple — together now make up over 21% of the S&P 500. That’s the highest share ever for just three companies. It also means that as long as big tech does well, it’s almost impossible for the market to correct significantly.

Seasonality is something people like to focus on this time of year. The period from mid-August to mid-October is usually a softer spot for the market.

Although seasonality is less favorable over the next few weeks, it’s very unlikely we’re at the top. Since 1980, the S&P 500 has only peaked…