Why this strategist believes 'it's not a bear market'

As markets (^GSPC, ^IXIC, ^DJI) rally in anticipation of the Federal Open Market Committee (FOMC) meeting on Wednesday, Macro Risk Advisors Head of Technical Strategy John Kolovos joins Catalysts to provide his market outlook.

Kolovos admits to being concerned about the way markets experienced a downturn in April. He explains that there was "a cascading event of selling begets selling," indicating a self-perpetuating cycle of selling pressure.

However, Kolovos emphasizes that "it's not a bear market," suggesting that the market is leaning more toward correction territory. He also notes that during an election year, market pullbacks are common. Although the market decline that occurred in April "has gotten better," the strategist points out that it "doesn't show signs of capitulation quite yet."

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

Editor's note: This article was written by Angel Smith