What Markets Need to Rally

(3/3/22) Markets liked what Jerome Powell had to say to Congress, and continue to consolidate off over-sold conditions of a few days ago, holding support from January's lows. Markets remain in a bullish position, with stock buy backs very supportive of large-caps. Despite geopolitics and inflationary pressures, markets have held their own, going through a corrective process. However, there is still risk to the downside: There are three resistance levels to be conquered. What needs to happen next is a combination of good news, such as a troop withdrawal from Ukraine, or perhaps a complete reversal by the Federal Reserve, suggesting no rate hikes, and a pause in balance sheet shrinkage. Both scenarios are a stretch with inflation running hot. We believe we will see a continued, downward trend for the time being, and if markets do break thru resistance levels, the possibility of a larger correction looms.
Presented by RIA Advisors Chief Investment Strategist, Lance Roberts
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