The S&P 500 has worked its way into a price zone mapped out well in advance on our long-term chart, and in Todd’s view, how it handles this test could set the tone for the next six to 24 months. This week’s update also looks at why crude oil keeps rising while inflation expectations stay put. It covers what refinery margins are saying about rotation inside the energy sector, and why Meta’s latest round of AI spending has the market thinking back to 2022.