Fidelity strategist Jurrien Timmer has warned that the S&P 500 may have moved too quickly, too quickly following a remarkable rebound from recent lows. Timmer believes that the recovery was aided by familiar factors such as Big Tech, AI stocks, and strong earnings expectations. He also highlighted the potential for a pause in the market due to ongoing geopolitical tensions. The forward price-to-earnings ratio is 9.5% below its high, but Timmer argues that the momentum has come back too quickly. Despite this, Timmer remains cautious about declaring victory too soon. He highlighted the risks of over-priced good news being priced in by investors and the Federal Reserve.