Pro Analysis

A February market pullback is coming, chart analyst says. Here's why

New York Stock Exchange
Michael Nagle | Bloomberg | Getty Images
New York Stock Exchange

MKM Partners told clients the market seems stretched and is likely to fall in February according to historical patterns, but the long-term bullish case is still intact.

The firm said the S&P 500 hasn't declined by 1 percent or more for 74 days, which is the longest such streak in 10 years.

"Next week brings the start of February, which is the weakest month within the seasonally strong November-April period over the last 40 years," MKM chief market technician Jonathan Krinsky wrote in a note to clients Sunday. "In post-election years, February is even weaker."