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Is the US Stock Market at a Major Inflection Point?

financialsense.com / FS STAFF / 04/19/2017

A powerful reality check on the limits of Presidential power has deflated some of the euphoric bullish expectations of investors in recent months. After hitting a new all-time high on March 1st—the day of Trump’s first speech to Congress—the S&P 500 has been steadily losing steam and many are wondering just how much upside is left for the 8-year bull market in US stocks.

Jonathan Krinsky, Chief Market Technician for MKM Partners, recently joined us on Financial Sense Newshour to discuss his market outlook and why, he believes, the backdrop is still positive.

Consolidation in Progress

Despite the weakness, Krinsky thinks what we’re seeing is a consolidation. We saw an amazing surge following the election, and markets still haven’t given up even half those gains.

“We’d need to see a lot more weakness before we would consider thinking there’s any type of serious top,” he said.

The Russell Mid-Cap and S&P 500 have also been trading sideways since December. Following the election, the small and mid-caps broke out of a multi-year base, pretty much in a straight line, Krinsky noted. Since early December, they haven’t done much.

“We know markets correct one of two ways: either through time or through price,” he said. “Even though they’ve been underperforming, we would say that the action since early December is really just a time consolidation.”

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