Consumer survey shows record high optimism toward the stock market, even as election looms

Despite increased market volatility stemming from the U.S. Presidential election on Tuesday, consumer confidence toward equities has reached its most bullish point ever. The latest Consumer Confidence survey by The Conference Board showed 51.4% of participants — the highest level on record — expect stocks to rise over the next year. This is despite rising uncertainty in the markets from the looming election, evidenced by the stock market's inability to score further gains on Monday.

Krinsky noted that bonds remain "slippery," with the 10-year Treasury yield potentially climbing back to 4.5%. The yield on the 10-year Treasury was last down around 5 basis points at 4.315%. The Magnificent Seven , which has powered much of the market's rally in the past two years, is also at a critical point, according to Krinsky.

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BTIG warns of a 5% stock market pullback in the coming weeksThe S&P 500 suffered its first three-day decline since early September. BTIG thinks there may be more near-term downside ahead.
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