Kevin Wang, chief strategist at Clocktower, pointed out that US stocks currently show typical end-of-cycle characteristics: strong corporate profit growth continues to drive stock prices to record highs, but forward market valuations have stopped expanding. He believes that once the market's expectations of monetary policy shift to austerity, valuations will face compression pressure. Based on this, he determined that the US stock bull market may have entered the “last leg”. Profits may still lead the rise in the first half of the year, but the risk increased significantly in the second half of the year.

Kevin Wang, chief strategist at Clocktower, pointed out that US stocks currently show typical end-of-cycle characteristics: strong corporate profit growth continues to drive stock prices to record highs, but forward market valuations have stopped expanding. He believes that once the market's expectations of monetary policy shift to austerity, valuations will face compression pressure. Based on this, he determined that the US stock bull market may have entered the “last leg”. Profits may still lead the rise in the first half of the year, but the risk increased significantly in the second half of the year.