Q2 earnings season launches July 14 with big banks (Goldman, JPM, Morgan Stanley) expected strong, S&P 500 EPS growth projected ~23% YoY. VOO has trended up this week (684→694) recovering toward June highs. Despite hawkish risk from June CPI at 4.2% and rising Sept hike odds, the weekly bias is up: earnings momentum plus price holding near record levels should carry the index higher into next week. Direction: up.