According to Oppenheimer's data, the monthly relative strength index (RSI) indicates that the overall U.S. stock market will not peak until 2025.

Technical analyst Ari Wald wrote in a report: "Momentum indicators also suggest that the highest risk in the market in the coming months is below average."

"Since 1936, the median duration between the S&P 500 index's 14-month RSI first reaching 70 and the cycle peak is 12 months, during which the median ROI is +19%," Wald said. "This signal was issued at the end of August."

"In addition, 15 out of 18 times (83%) were at least 6 months away from the cycle peak, and 12 out of 18 times (67%) increased at least 10% after the peak."

In the short term, Wald recommends taking the best technical buy/sell combinations in each industry:

Energy: Buy cheniere energy (LNG.US), sell shell (SHEL.US)

Materials: Buy crh plc (CRH.US), sell dow inc (DOW.US)

Industry: Buy Dover (DOV.US), Sell Expeditors International (EXPD.US)

Consumer Discretionary: Buy Amazon (AMZN.US), Sell MGM Resorts International (MGM.US)

Consumer Staples: Buy the Kroger (KR.US), Sell Archer-Daniels-Midland (ADM.US)

Medical Care: Buy Stryker Corp (SYK.US), Sell IDEXX Laboratories Inc (IDXX.US)

Financials: Buy Blackstone (BX.US), Sell ING Groep (ING.US)

Real Estate: Buy Welltower Inc (WELL.US), Sell CoStar (CSGP.US)

Information Technology: Buy Palo Alto Networks (PANW.US), Sell Microchip Technology (MCHP.US)

Communications Services: Buy Meta (META.US), Sell the AES Corp (AES.US)