Stocks (^DJI, ^IXIC, ^GSPC) tick lower Tuesday morning as markets digest January's Consumer Price Index (CPI) print. What could the latest economic data signify as investor sentiment reportedly turns more bullish?

Carson Group Chief Market Strategist Ryan Detrick sits down with Yahoo Finance Live to discuss recent market rallies and where inflation appeared across categories in January.

"In the history of the S&P, we've never seen a rally like that over... 15 weeks... and we're up higher 20%. So this is historic," Detrick says. "The seasonality's played out quite well... we've been talking at our shop here saying 'listen, maybe we're due for a well-deserved break.'"

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

Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

BRAD SMITH: Well, major averages right now. They are down across the board as the Dow is down 8/10 of a percent. S&P 500, 1.3%. And the NASDAQ is down 2%. This comes after a hotter-than-expected CPI data and print that was released today, shaking investors' confidence in the strong market.

But this might be a small bump in the road for an overall bullish market for the year to begin things. For more on this, let's bring in Ryan Detrick, Carson Group chief strategist, is here. Ryan, help us make sense of this. You always have a good way of trying to give us at least one of the bright spots to hang our hat on.

RYAN DETRICK: Yeah, good morning, Brad. Thanks for having me back. You know, listen, the S&P is up 14 in the last 15 weeks, up over 20% during that time. In the history of the S&P, we've never seen a rally like that over 15 months or 14-- or I'm sorry, over 15 weeks where 14 were high up 20%.

So this is historic. I want to build on what Jared just said because it's true. You look at, you know, seasonality has played out quite well. We're very overstretched, we know that. We can get into the CPI numbers, but I'm just saying we've been talking at our shop here at Carson, saying, listen, maybe we're due for a well-deserved break.

We've been bullish, right? We've been bullish. But when you look at it, like Jared just said, February is usually not that great, especially into an election year.

And by the way, the fourth year of a new president, where we are right now, right about now, into, let's call it, Saint Patrick's Day, late March or so, historically can be a little troublesome. So we're not overly concerned. We think it could be healthy to finally have a little break after the rally we've seen since late October.

RACHELLE AKUFFO: It's true. It used to be hard to find a bear anywhere, especially after the rally we've seen. But as you look at the reaction from markets then, is this an overreaction? Is there something else within the CPI data that's more concerning for them?

RYAN DETRICK: Well, that's a great point. We've been looking at it for an hour now, specifically on CPI. I mean, it's all about shelter, right? I mean, it's not like a broken record here. You know, it's really all about shelter.

And yes, as many other guests have been talking about, if you look at some of the private data at different areas, we're seeing improvements in shelter. So, you know, I'm not exactly sure why the government's data is so different than some of the private data. We're still optimistic that we're going to see shelter start to come back.

So just today, and Jared pointed it out, right? I mean, we had a little bit of a freak out with the last CPI number. But what are we seeing from PCE? It'll be real interesting what we're going to see from PPI.

I believe that's on Friday. So believe me, CPI is very important, but there are other measures of inflation. I mean, just used cars. Used cars have been coming down drastically.

The Manheim Used Car Index is down like 21% from the previous peak a couple years ago on used cars. So believe me, this was worrisome. One final comment on today's numbers. Listen, January is volatile.

We tend to see more revisions the month of January than just about any other month when it comes to a lot of economic data, specifically inflation data. So, you know, I'm not Pollyanna here, but I think we're aware that this is just one data point. It's not a trend yet.