Investors in U.S. equities seem to have embraced a new market paradigm in which upside spikes come more swiftly than the downside selloffs.

Bulls are back in control. The S&P 500, Dow Jones Industrials, and NASDAQ 100 each have surged well above their respective round-number millennium resistance levels -- 2,000, 17,000, and 4,000.

Despite concerns about global economic growth and a persistent lack of inflation, especially given all the global quantitative easing, fundamentals for U.S. stocks still look good.

Stocks were able to leverage some optimistic news and dovish words from the Fed to take another stab at an upside breakout attempt last week.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then offer up some actionable trading ideas, including a sector rotation strategy

Bulls are having their way as summer draws to a close. Indeed, U.S. stocks and bonds seem to be the best and safest place to invest in a global economy that is at once hopeful and cautious, with lots of available cash hunting for attractive returns.