Bond Yields Surge, Analyst Predicts Continued Stock Market Rally

Analyst Mark Newton believes that the recent spike in bond yields is nearing its peak and expects a pullback in yields soon. He cites technical factors such as exhaustion indicators and Elliott-wave patterns to support his thesis. Newton also suggests that the market's current degree of hawkishness is extreme and more likely to ease than increase. Despite the recent weakness in the stock market, Newton believes that insufficient technical damage has occurred to indicate a major downturn, and big tech stocks are still acting as saviors. He predicts that the S&P 500 will likely bottom out and turn back up to 4,500.