The market is flashing signs of caution below the surface

The recent runup in stocks could be masking a worrisome development for the market, Wolfe Research said. The technical setup for stocks is exhibiting some troubling signals beneath the surface even after the recent rally suggested a return to risk-on sentiment on Wall Street, according to the firm's managing director Rob Ginsberg. On Tuesday, the S & P 500 had snapped an eight-day win streak .

SPX 5D mountain S & P 500 The technician pointed to the recent defensive tilt in equities as an example, with sector leadership in the S & P 500 helmed by health care, consumer staples, utilities and real estate. In fact, on Wednesday, consumer staples stocks hit an all-time high, boosted by an advance in Target , which was up on an earnings beat . Other worrying signs are emerging, with the 10-year Treasury yield falling back below 3.8%, and U.S.

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Buy these stocks with solid earnings power during the volatility, Wolfe Research saysThrough the back half of the year, investors should look at these names that may be set to outperform, one researcher says.
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These stocks have strong balance sheets as broader market sells offWolfe Research shared its latest list of stocks with high free cash flow.
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