The new bull market won't take off until three things improve, RBA said.
The firm pointed to the importance of profits, liquidity, and sentiment when evaluating bull markets.
Stocks won't begin a bullish trajectory until at least one of those factors improves, the firm added.
Those gains have led some commentators to call the start of a new bull market — but that likely isn't the case until key catalysts show improvement, RBA said.
"While it is certainly possible for this rally to evolve into a full-fledged bull market, historical precedent suggests it is far from a foregone conclusion," RBA's deputy chief investment officer Dan Suzuki said in a report on Monday.
Persons:
RBA, —, Richard Bernstein, RBA's, Dan Suzuki
Organizations:
Stocks, Service, Richard Bernstein Advisors, JPMorgan