Stephen Suttmeier, CMT, CFA Optimistic in CNBC Comments

Stephen Suttmeier, CMT, CFA was featured on CNBC's Trading Nation on Tuesday with several strategic comments that skewed optimistic on his outlook for the S&P 500 in October.

“Generally speaking, market breadth indicators have been fairly constructive, and we’re still in this weaker seasonal period. So ... the weaker seasonality has given us the trick,” Suttmeier said. “But seasonality gets a lot better in November on a three-month and six-month basis going back to 1928. I think that’s where the treat comes in.”

He theorized that, unless there was a significant increase in the amount of negative macroeconomic data reported, the market should strengthen going into the new year. 

“We think this resolves to the upside, meaning going to new highs, and if that happens, we think we could hit that 3,100 area,” Suttmeier said. “That triangle pattern itself would suggest there’s actually upside towards that 3,200 area if that bullish seasonality kicks in on the S&P.”

Read all of his comments, including the one thing he things might spell trouble, in the full article: New highs are in store for the S&P 500 this year according to this chart, says top strategist.