The S&P 500 has hit new record highs, showing a more than 10% increase year-to-date, despite a significant 23% intraday drop earlier. The market remains robust, fueled by strong momentum even amidst mixed earnings and uncertain macro conditions. Managers have heavily allocated to the long side, with the NAAIM exposure index indicating a bullish stance. The CNN Fear & Greed Index has now entered "Greed" territory, hinting at potential market exuberance. This shift in sentiment could lead to increased vulnerability, where any negative trigger might cause more pronounced market swings. Market details can be found on Benzinga.com.