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Wall Street got it wrong — and the next few weeks might prove it in spectacular fashion. While the headlines scream fear, volatility, and a “terrible November,” one of the most accurate technical strategists of the last decade, Mark Newton, is telling a different story. Newton, the former Head of Technical Strategy at Morgan Stanley and now Fundstrat’s Chief Market Technician, says the sell-off is not a breakdown — it’s the setup before a year-end melt-up. In his recent interview, he delivered a punchline every investor needs to hear: “It’s less about day-to-day volatility, and more about the fact that this rally is still intact — we’re just in a choppy phase.”
And the numbers back him up. Newton still sees the S&P 500 pushing toward 6,650, with upside potential near 7,000, and he believes a bounce begins this week after an “unorthodox but temporary” November pullback. With back-to-back years of 20%+ gains, and 2024 likely finishing in the 15–20% range, Newton’s message is simple: what we’re seeing is consolidation — not collapse. He also highlights weak breadth as a near-term issue, but historically, breadth rebounds before price does, and that rebound is already starting quietly beneath the surface.
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