Fidelity’s global macro director says the uptrend in US equites "feels like late innings"

  • Wariness creeping in

Jurrien Timmer is Director of Global Macro at Fidelity:

  • trend remains up for US equities
  • this cyclical bull market remains in place at 28 months old
  • only 62% of stocks are above their 200-day moving average
  • the chart below shows a series of negative divergences, the likes of which tend to happen in the more mature stages of bull markets
  • It feels like late innings to me
late innings S&P 500 up trend 2

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