‘Fly in the ointment’: A veteran strategist shares the key overlooked risk to this record market rally — and how to prepare for a pullback heading into a chaotic election season

• The S&P 500 is hovering near record highs, but there are signs of underlying weakness.
• Market breadth, as measured by the percentage of stocks above their 50-day moving averages, is down.
• Strategy Ed Clissold shared what he’s watching and where he’s investing before the US elections.

US stocks may not be as strong as they look, a long-time strategy chief warns.