What's Next For Markets Talking Technicals With Craig Johnson, Piper's Chief Technician
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Nov 2, 2025 Craig Johnson, Managing Director and Chief Market Technician at Piper Sandler, shares his insights on technical market analysis. He discusses recent trends, including the importance of price, volume, and relative strength. Craig highlights concerns over narrowing market breadth and the implications of rising bond yields. He also examines how ETF activity and momentum investing affect market volatility. With predictions of a near-term pullback, he recommends strategic risk management to navigate the current landscape.
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Framework Focused On Trend And Relative Strength
- Craig Johnson uses price, volume and market internals to define trend and relative strength as his core framework.
- He applies a small set of consistent indicators across daily client notes and model portfolios to spot inflection points.
Narrowing Breadth Signals Near-Term Risk
- breadth measures have narrowed since August and a 40-week indicator recently flipped to a sell signal.
- Craig sees recovered indicators from April lows but expects a short-term setback due to weakening breadth.
Position For Lower Long-Term Yields
- Craig expects 10-year yields to settle lower around 3.50–3.75% and notes yields remain below declining long-term moving averages.
- Use that view to weigh the probability of rate-driven support for equity breadth into year-end.