S&P to Peak on April 19: Charts
The Standard & Poor's 500 index will top out on April 19, which will trigger a 15 to 20 percent pullback in other stock markets, but stocks will move higher later in the year Robin Griffiths, technical strategist at Cazenove Capital said Monday.
The FTSE 100 index is "clearly going up now," Griffiths said, adding that it should peak before May.
The Dow will “melt up” another 3 to 4 percent and also make a top at 12,000 to 12,050 on April 19, according to Griffiths.
He said that in an average year, this would usually happen at the end of May, but with Greece’s debt problems and the ongoing troubles in the U.S. employment market, investors are looking to income-generating investments like bonds and stocks will lose their luster.
Gold has risen in all currencies of late. But up until now the major mining companies "have hopelessly underperformed the metal," Griffiths said.
"What's happened now is the price of gold has risen enough to completely change the economics of mining gold. Anyone can make money digging it out of the ground now. The major miners are looking like they're coming to life. And of them, technically, it's Newmont that looks the most exciting," Griffiths told CNBC.
If Newmont Mining rises, other mining companies like Barrick will follow, according to Griffiths.
The Canadian dollar has "virtually" gone to parity against its U.S. counterpart, Griffiths told "Squawk Box Europe." "It's going to carry on in its uptrend and go to a premium," he added.
