1. The US economy shows resilience, but upcoming debt refinancing in 2025 could pose significant liquidity challenges and impact stock market performance. 2. Liquidity cycles, driven by fiscal and monetary policies, are crucial for market trends; a liquidity crunch could arise from high debt levels and refinancing needs. 3. The strong dollar and China's limited liquidity injections add to global liquidity headwinds, potentially making 2025 a tough year for equities.

1. Recent market correction has created oversold conditions and a potential buying opportunity in high-quality stocks. 2. The market anticipates a Fed rate cut in September to enhance growth and liquidity. 3. Despite volatility, economic resilience and strong corporate profitability support a bullish outlook, with a year-end SPX target range of 6,000-6,200.