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In One Chart: A ‘tired’ stock market is a reason for caution, says chart watcher

Do stock-market bulls need a timeout? Or even a nap?

In a Thursday note, George Davis, chief technical strategist at RBC Capital Markets, argued that the rally that’s seen the S&P 500 SPX, +0.16% roar back from the verge of a bear market to the cusp of record territory in less than four months has left the stock market looking “tired.” The setup at least argues for some caution in the near term, he said. Here’s his candlestick chart, below:

RBC Capital Markets

“We are turning more cautious on equity markets as the SPX nears its secular highs as valuations are becoming a more pressing concern,” Davis wrote, referring to the ticker for the S&P 500 index.

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