Macro developments are difficult to correlate to stock market movements. e.g I have been reading since a long time about US bond yields going up and people expecting markets to correct. Some day the market will correct but I dont know when. Atleast based on macro I find it difficult to invest.
The more relevant parameter has been observing the signs of froth in the markets. It was clearly visible in Jan-Feb 2018 when most stocks went up 10-20-30% for no reason. Even guys like Porinju appearing on TV to declare their picks sent stock prices soaring.
Now it appears that frenzy for small-midcaps has abated and things seem to be more saner.
The preferred place in market seems to be large caps and the stronger baskets within. There seems to be apathy to small and midcaps barring a few stocks and a few days when there are some noticeable bounces. I cant make out too much froth in the small-midcap space but some companies in the space even after corrections still appear expensive with respect to their financials.
If one can keep turning up stones, there is the odd jewel to be found and thats where I Feel currently we might be in a stock pickers market.