The S&P 500 (SPX) breached the 4,400 level before closing the trading week ending 23 July 2021 at 4,411.70 - a new record high for the index.

As you can see in the following chart, that's right in line with where the dividend futures-based model says it should be when investors are keeping their focus on 2022-Q1 in setting current day stock prices.

The past week didn't have much news coming out from the Fed's minions, who are currently incommunicado in news blackout period ahead of its July 27-28, 2021 meetings. The news blackout will lift on Wednesday, 28 July 2021, after which investors can expect the Fed's minions to shift into overdrive and deliver a torrent of news.

Meanwhile, there was news, but a lot less of it during the week that was. Here is our summary of its market-moving news headlines:

Monday, 19 July 2021

• Signs and portents for the U.S. economy:
  • U.S. homebuilder confidence falls to 11-month low in July
  • Oil piles on losses following OPEC+ deal to boost supply, rising COVID cases
  • U.S. recession ended in April 2020, making it shortest on record
  • Biden says inflation temporary; Fed should do what it deems necessary for recovery
• Central banks talking about ending pandemic stimulus:
  • What might the Bank of England do to wean the UK economy off stimulus?
    • Inflation and the Bank of England: what its rate-setters are saying
    • BoE's Haskel sees no need to curb stimulus in foreseeable future
  • South Korea poised to kick-start Asia's monetary tightening
  • Strategy Review, tick, next? Five questions for the ECB
• Wall Street ends sharply lower as Delta variant sparks new lockdown fears
  • Investors flee stocks, pile into bonds as COVID-19 surges; oil plunges

Tuesday, 20 July 2021

• Signs and portents for the U.S. economy:
  • U.S. housing starts rise, building permits fall to eight-month low
  • U.S. states ending federal unemployment benefit saw no clear job gains
• Bigger inflation developing all over:
  • Canadian home prices climb in June at record annual pace -Teranet
  • U.S. housing starts rise, building permits fall to eight-month low
• Bigger stimulus developing in Australia:
  • Australia's central bank may reverse policy taper decision - economists
• Global trade, supply chain problems growing:
  • Taiwan June export orders surge again, outlook bullish
  • Electrolux braces for more disruptions from global supply chain squeeze
• Wall Street bounces back on renewed economic optimism

Wednesday, 21 July 2021

• Signs and portents for the U.S. economy:
  • U.S. mortgage applications decline in latest week as rates steadily rise -MBA
• COVID recovery in US, China/COVID recession in Australia:
  • Japan's exports jump on solid U.S., China demand
  • June slump in Australia's retail sales clouds third-quarter growth outlook
• Wall Street ends higher, powered by strong earnings, economic cheer

Thursday, 22 July 2021

• Signs and portents for the U.S. economy:
  • U.S. housing market floats back to earth
  • U.S. weekly jobless claims increase to two-month high; trend still low
• COVID controlling Australia's economy:
  • Australia's stunning economic recovery trips on Delta, vaccine snags
• Bigger inflation on the minds of the BOE's minions:
  • Inflation and the Bank of England: what its rate-setters are saying
• ECB minions on board with bigger inflation in Eurozone; fear another pandemic wave:
  • ECB promises even longer support for euro zone economy
    • ECB pledges record low rates to reach 2% inflation
    • TEXT-Statement from the ECB following policy meeting
    • TEXT-Lagarde's statement after ECB policy meeting
    • Lagarde comments at ECB press conference
  • Lagarde's communication revolution falls short of hype: analysts
  • Stocks near record high after ECB talks of 'forceful' support
  • ECB sees some risks to outlook from fresh pandemic wave
• Wall Street closes up after choppy trading due to higher jobless claims

Friday, 23 July 2021

• Signs and portents for the U.S. economy:
  • U.S. business activity cools further in July - IHS Markit survey
• Bigger inflation developing all over:
  • Rapid German recovery triggering inflation bottlenecks - PMI
  • Russia raises key rate to 6.5% in sharpest move since 2014
• ECB minions expect higher growth and inflation, "totally" on board with more stimulus, but don't expect to know how much anytime soon:
  • ECB survey sees higher growth, inflation in next 2 years
    • Euro zone businesses boomed in July but confidence weakened
  • ECB policymakers don't expect to decide on bond buys in September -sources
    • ECB's Weidmann warns against keeping rates low for too long
    • ECB member Villeroy: totally justified to keep accommodative monetary policy for now
    • ECB's Wunsch uncomfortable with multi-year commitment on rates -CNBC
• U.S. stock markets hit new highs, Treasury yields up as choppy week ends