hit a new cycle high last week, supported by 68% of NYSE stocks trading above their 200-day average. According to Oppenheimer strategists, a major market top is unlikely at this stage.
While the current bull cycle has yet to see a definitive 200-day participation reading above 70%, which would indicate a broad-based breakaway, constructive price action in the“Overall, we recommend investors maintain a bullish posture in anticipation of higher market highs and pro-cyclical leadership,” they said in a Saturday note.For market signals, the participation of small-cap stocks in price terms is more important than their relative leadership, Oppenheimer continued.
“Relative to the S&P 500, we’re unsure if small-caps are more than a short-lived beta trade without an earlier-stage economy,” they added. Moreover, they prefer an offensive approach over defense. As such, sector-wise, Oppenheimer maintains Overweight positions in Technology and Financials, with a particular focus on Semiconductors and Capital Markets.
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Investors should remain bullish anticipating higher market highs: OppenheimerInvestors should remain bullish anticipating higher market highs: Oppenheimer
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