As markets (^DJI, ^IXIC, ^GSPC) enter the second half of 2024, LPL Financial chief technical strategist Adam Turnquist joins Market Domination to share his market outlook.

Turnquist acknowledges the current market strength, noting, "It's hard to argue with record highs almost on a repeated basis here." However, viewing the situation "from a technical lens," he identifies potential concerns. Markets appear overbought, with divergences in market breadth and a steady decline in economic indicators. Based on these factors, Turnquist anticipates a short-term market pullback.

Despite this near-term caution, Turnquist maintains a positive long-term outlook. He advises investors "to buy the dip" but warns against chasing the current rally.

Turnquist calls the current market a "field of dreams bull market," explaining to Yahoo Finance, "If you build it, they will come, meaning the mega-caps lead, and some of the smaller caps and other sectors follow."

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Angel Smith