Published February 9, 2024
Technical analysts are rolling out any number of reasons why the stock market is due for a significant pullback. There’s the seasonal weakness that February often brings. There’s declining breadth data – e.g. fewer and fewer stocks showing strength. There’s the Relative Strength Indexes putting the market is notably “overbought” territory after a torrid three-month rally. There is no question the market will pull back at some point. It has been higher for an astounding fourteen weeks out of the last fifteen – an extraordinary move.