Companies are making maximum buybacks. Buybacks are holding steady at 6.8% of revenues (which is a new all-time high).
Many believe the buyback cycle will end in 2023.
The volume of buybacks in the next 2 years could be at the level of 2008-2009 and 2020, at which time the markets were falling very hard. My guess is that a similar fall could happen again in 2023, so in my opinion it makes no sense to open a long term position in U.S. stocks now. I hope I am wrong.