while the stock market continues to generate a wave of bullish signals.
"I've done this for more than two decades and I've never seen a time that nearly everyone agrees a recession is coming and stocks will crash, yet the data isn't showing this at all," Carson Group chief market strategist Ryan Detrick told Insider on Thursday. Investors should focus more on the stock market because it typically leads the economy, according to Detrick.was already telegraphed by the stock market's 20% sell-off last year. And the impressive recovery since then is signaling the economy will have little trouble staging a rebound over the next few quarters.
"We are in the very small crowd that we can still avoid a recession this year, and some of the wildly bullish stock market signals we've seen the past few weeks could indeed be suggesting continued strong stock performance," Detrick said.over the past 15 months. "You simply don't have recessions when the employment backdrop is that strong and the consumer remains healthy," he said.from bullish moving-average crossovers on all three major indexes,"Any one signal by themselves should be taken with a grain of salt, but when you start to stack all the positive signals of market breadth on top of each other, we think the odds strongly favor continued strength from stocks in 2023," Detrick said.