Can The Stock Market Bubble Continue Into 2026? | Sven Henrich
A technical analyst's latest read on the market's prospects
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When Sven Henrich of NorthmanTrader.com was last on this program in May, he stated that it was "do or die time for the bears"
Well...it seems they died.
Since May, the S&P has rocketed to new all-time highs.
We now see many equity valuation levels at their most extended in all of history.
Though this is happening at a time when the global economy is showing increasing signs of slowdown.
So as we head into the end of the year, can the bulls maintain their dominance?
Sven is not interested in deploying new capital given the current nosebleed-level high valuations and macro risks. He's happy to wait for better entry points.
But he's not shorting, either...
For his entire take, click here or on the video below:
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Adam’s Notes: Sven Henrich (recorded 9.16.25)
EXECUTIVE SUMMARY:
Market Behavior: Sven Henrich discusses the S&P 500's relentless rally since May, driven by liquidity, buybacks, and passive flows, with minimal downside; compares to 2017 but notes unprecedented valuations and divergences.
Liquidity Drivers: The $2.5T from Reverse Repo Program drainage and $1.9T in buybacks has been fueling the asset price meltup; Sven warns of
