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That forecast would put the broad-market benchmark’s peak well above its previous record of 2,190.15, reached Aug. He sees the Dow Jones Industrial Average possibly rising as far as 19,434 in a “1-2 day blow-off.” The S&P 500 ended Friday at 2,164.45, while the Dow closed at a record 18,847.66, notching its second record close in a row.

With stocks stretching higher, De Mark warns that it may be appropriate to take caution: “Heed and caution are appropriate at this time,” he said. Since Trump’s election win, a selloff in Treasurys, which has pushed yields to levels last seen in January, has accelerated.

De Mark is predicting that the Shanghai might reverse course soon.

The index is up about 2.3% this week, but off about 9.7% so far this year.

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