The S&P 500 last week climbed more than 14% above its 200-day moving average.
One measure of stocks suggests it's time for investors to take some caution, according to BTIG. The S & P 500 last week climbed more than 14% above its 200-day moving average, a historical extreme that signals a pullback could be in the offing, the firm's chief market technician noted Sunday. The 200-day moving average is a technical measure used by investors and traders to gauge an asset's longer-term momentum. Trading above it is usually seen as a positive.
That said, some on Wall Street are concerned stocks are looking overextended after their recent rally. Krinsky thinks there could be risk of consolidation over the near term. He noted the number of S & P 500 reaching 52-week highs hit its highest level in three years. Such strong uptrends preceded pullbacks in both 2018 and 2020. On top of that, seasonal trends — which had been positive — are about to shift against investors, Krinsky noted.
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