The S&P 500 Index closed at another record high on Friday. While such records are usually cause for celebration, the outlook we see isn’t all roses.
Our followers know that we take a comprehensive approach to managing portfolios as well as managing wealth. So we thought we’d share a snapshot of some of the stock market indicators we follow that lead us to our cautiously optimistic views.
Fundamentally, stocks aren’t cheap. While we’re not quite partying like it’s 1999, we do have elevated stock prices that aren’t supported by underlying earnings growth. From a technical perspective, momentum is still in bullish territory, but we have seen some weakening recently.