The bull market is back, baby. Or so says various stock market charts.
But even the bulls should heed the wisdom of a market sage like Byron Wien.
"I think everyone is assuming the markets are roaring back and that the correction is over and we are going back up to new highs again, I am a little skeptical of that," Byron Wien, 86, recently told TheStreet. Wien, Vice Chairman in the Private Wealth Solutions of Blackstone Group (BX) , has lived though all sorts of market cycles during his storied career on Wall Street. So suffice it to say, assessing this latest correction isn't his first rodeo.
Wien expects the S&P 500 to retest the correction lows and then climb into year end.
Nevertheless, here are three charts that suggest the bulls will remain in charge for now, compliments of Jefferies.
Market Breadth Continues to Improve
Number of Stocks Above 260-Day Moving Average Continues to Improve
New Highs Continue to Improve, While News Lows Have Dropped