Bull market remains historically strong despite recent tech stock pain: Chart

Goldman Sachs notes the S&P 500 is up 95% since the end of 2022, placing the current bull market in the strongest 10% at this stage of the cycle based on data dating back to 1928. The recent five-session sell-off has been driven by a semiconductor sector crash that wiped roughly $1.5 trillion in market value since June 25, a Trump-ordered Strait of Hormuz blockade that spiked oil prices, and Netflix's disappointing earnings that sent shares down 8%.

Why it matters: Despite the pain, strategists at the Kobeissi Letter say market momentum remains incredibly strong and will take a lot more ugly news to unsettle the bulls.