Quantitative Tightening has been a negative deterrent for the S&P 500, however, given the relationship between Federal Tax Receipts and the Y/Y change in SPX we might see a less hawkish Fed in the coming months. This will create easier conditions to allow the SPX finish its 5th wave higher.
From ISM, to wage inflation - CPI the cycle still has a couple more months to go so I am certainly leaning to upward price pressure going forward.