As of last week, the Market Climate for stocks remained characterized by unfavorable valuations, with the S&P 500 still priced to deliver probable total returns of only about 6.5% annually over the coming decade. This is a level of valuation typically observed near major pre-1995 peaks, not troughs, and certainly not early bull markets. Market action last week remained mixed. Trends in the major indices, as well as breadth (advance-decline) remained generally intact, though we're observing some early divergences here. Meanwhile, the market remained generally overbought on intermediate-term measures, but short-term measures have cleared and are now somewhat oversold.
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Click to read the complete Hussman Weekly Market Comment.
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