DEEP DIVE: Switching Planets: Investors Now From Venus, Analysts From Mars

Since our June 24 QuickTakes, we’ve been making the case that the bear market in the S&P 500 might have ended on June 16, when it was down 23.6% to 3666 from its record high of 4796 on January 3. We wrote: “[S]entiment indicators were so bearish that they were bullish. … On a fundamental basis, we’ve noted that commodity prices are showing signs of peaking, suggesting that inflation may be doing the same. Bond market indicators have also turned more bullish recently. For now, we see the 3666 level as a possible bear-market bottom.”