US stocks (^DJI,^GSPC, ^IXIC) moderate from the post-election rally. LPL Financial chief technical strategist Adam Turnquist joins Brad Smith and Madison Mills to break down what the technical analysis is signaling about the future of the recent rally. “I don’t think investors should be too surprised. We’re giving up some gains here. We are very overbought coming into what we call overhead resistance, marked by the upper end of this longer term rising price channel, the S&P 500 has been for this bull market. Internally, we saw about a quarter of the S&P 500 get overbought as well. So we’re taking some profits here, pulling back,” Turnquist tells Yahoo Finance. The strategist expects the rally could cool as investors take profits, but he remains bullish in the long term. “Longer term, the trend is still up here. Breadth [is] still very bullish with cyclical leadership. So I think it does set up for a potential buy the dip.” He highlights the industrial sector as a potential stand-out for investors looking to buy the dip. Watch the video above for more from the strategist on his expectations for President-elect Donald Trump taking office in January, the macro environment given Federal Reserve Chair Jerome Powell’s recent remarks, and more.
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