VTI: Bearish Seasonality Looms As U.S. Stocks Trade Above 23x Earnings

  • I reiterate a hold rating on VTI, as valuations above 23x earnings and bearish seasonality warrant caution despite recent market resilience. U.S. stocks have outperformed ex-U.S. equities, boosted by strong earnings sentiment and a robust dollar, but consolidation after significant gains is likely. Technical analysis shows a bullish breakout with a potential VTI target near $370, yet high-volume support around $300 offers downside cushion.