S&P 500 'likely' headed lower -market strategist

STORY: Phillips says "the leadership is very, very narrow, meaning that there's a handful of companies that are really leading the charge here this year. On an equal weighted basis, we see stocks in the S&P 500 on average up about 1% for the year. And that's telling a very different story."

He adds, "is the is the next 10% move likely to be higher or lower from here? And in in our mind, it's likely to be lower."