Oppenheimer said in a research note to clients on Monday that market strength should continue.
The company's view comes as it notes that the “right” benchmarks are showing confirmatory strength, meaning their ability to reach new highs together indicates continued strength.
Overall, the company feels speculative themes are emerging, and OPCO's bullish composite hit 91% last week, marking the highest bullishness on this counter-indicator since 2018.
“However, it is difficult to be too bearish on the market when speculative themes emerge higher after three years of declines,” Oppenheimer said.
“Overall, market consolidation would be reasonable but not necessary. With the market overbought in a confirmed bull cycle, we expect upward picking to outweigh downward timing,” they concluded.
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