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Relief rally is 'questionable at best' and stocks to finish year lower from here, says Piper Sandler

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Piper Sandler is casting some doubt on the sustainability of the recent market uptrend.

"This relief rally in equities is questionable at best," wrote chief market technician Craig Johnson. "We believe the market has entered a High-Level Trading Range during the last few weeks. Our outlook calls for the SPX to fluctuate between 4,600 and 4,800 on the low end and around 5,100 on the upper end in the coming months.

SPX YTD mountain S & P 500 this year Year to date, the S & P 500 is up more than 8%, with the low end of the firm's range suggesting the benchmark could fall 10% from Friday's close. Despite this seemingly positive backdrop, current conditions and technical suggest that it may be too soon to tell whether there's more to the rally, compelling the firm to favor a "more tactical approach.

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