It is clear that the long-term uptrend is here as the equities started rising again after a brief correction including most of the US benchmarks that are very close to their record highs. Despite the fact that last week the Federal Reserve (Fed) had a meeting to discuss monetary policy, however, they implemented no changes, as expected. 

As the Consumer Price Index (CPI) states, it is the largest inflation gain since August 2008 and it has reached 5.4% in June. And as the prices continue to fly sky high, the CPI was recorded having its highest reading in four decades. Of course, the Fed is sure that this situation with inflation is temporary, when a lot of economists claim, inflation is going to stay here longer. 

“The path of the economy continues to depend on the course of the virus, Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain” stated central bank.  

Most likely there won’t be any changes until after the first term of Fed Chairman Jerome Powell's function ends in Q2 2022 and until that time the Fed is not going to alter its monetary policy. 

Additionally, we can see that the SP500 index is extremely overstretched and is circa 20% above that average which means stocks should decline notably in the near future. And this is the only time market has been this extended. So to conclude, it is still risky to buy when the uptrend remains this high and wait for correction before making any decisions.