Bank of America-Merrill Lynch's Stephen Suttmeier sees a near-term dip giving way to record upside.
One of Wall Street's largest firms sees signs the 2019 rally is stalling, but that may be no reason to turn bearish.It's a bull thesis BofA-Merrill Lynch's Stephen Suttmeier builds in two charts."We've got some tactical exhaustion signals up here. I think it's just a pause to refresh," the firm's chief equity technical strategist said Tuesday on CNBC's"Futures Now.""I think what we see maybe a minor dip into the 2,700 range.
"We do think we can hit that high around 2,940 and surpass that," Suttmeier said, referring to the index's all-time high hit on Sept. 21. "We're basically taking the price of S&P industrials and dividing that by the price of the S&P," he said."You get a relative ratio. What we're showing here is a bear trap in 2019. Why is that important? Because there are growth fears."
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