-
The stock market is likely to see record highs in early 2024 after an “extremely rare” signal just flashed.
-
That’s according to Carson Group chief market strategist Ryan Detrick, who highlighted another sign that breadth is improving.
-
“We continue to expect stocks to do quite well and we remain overweight equities,” Detrick said.
An “extremely rare” signal just flashed in the stock market, suggesting to Carson Group chief market strategist Ryan Detrick that record highs are imminent.
Detrick highlighted in a Thursday note that more than 60% of all components in the S&P 500 hit a new 20-day high last week. This runs counter to the idea that mega-cap tech companies are driving the bulk of the gains in the stock market.
“Last week, we saw a very rare breadth thrust, which suggested many stocks were surging, which tends to be a signal of impending strength,” Detrick…
