Yesterday we posted a bearish chart from our 2017 Bespoke Report market outlook.  Lest we end the year on an overly negative note, we thought we’d also post a more positive spin on things.  We like to think our outlook paints a full picture, taking into account both the positives and negatives facing investors.  In 178 pages of charts, analysis and commentary there is obviously no shortage of important data points, some of which paint a positive, while others a negative picture.  Below we’re including one of the more bullish tables from the outlook report.  In the table below we show market returns following long periods in a bull market where the S&P fails to make a new bull market high.  As can be seen, long consolidation phases without a new high, tend to be followed by positive returns over the following 3, 6 and 12 months. Since we exited a 416 day consolidation phase in July 2016, this certainly qualifies as a positive indicator heading into 2017.

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