Stocks Analysis by David Moenning covering: S&P 500. Read David Moenning's latest article on Investing.com
gained an eye-popping 1,060.55 points during the November through March period, it now appears that the bears are finally making an attempt to get back in the game.
As I've opined a time or two recently, we believed the market's recent joyride to the upside was due in large part to the economy doing just fine, thank you, inflation trending in the right direction, and traders"pulling forward" the gains that were surely to come once the Fed pivoted. Remember, everybody on the planet knows that the old saw,"Don't Fight the Fed" was about to become applicable - this time in a good way.
Wall Street also has a habit of overdoing E-V-E-R-Y-T-H-I-N-G. So, at some point, it is generally inevitable that a pullback, a correction, or a sloppy period will take hold. And from my seat, the premature pivot positioning theme may be just that - for now, anyway.Experience teaches that even the best uptrends wind up looking like a two-steps-forward-and-one-step-back pattern on the charts over time.
In short, stocks had become super-overbought, investor sentiment had become too exuberant, and the volatility indicators suggested that traders had become too complacent. And when these conditions happen - especially when they happen all at once - it is usually a decent bet that a"countertrend" move is likely to happen in the near term.
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