Market highs could portend a breakout to even more gains, or they might just give investors the jitters.
Here are 2 sides of the coin...
Side 1, the investors: UBS has surveyed 3,400 high net worth investors, 55% of them expect a significant drop in the markets in 2020.
Side 2, the analysts: Bank of America chart strategists Stephen Suttmeier has made a technical case for a 20% jump in stocks after months of consolidation. Adding "Once the S&P 500 surged past 3,063, it marked the “bears’ last stand.”
On the whole, it seems we are at a point of indecision.
I put my money with the investors, these are the people with their ear to the ground while technical analysts are, by and large, rear viewing academics working on theory.