Guy Ortmann is Senior Technical Analyst and Director of Research at Scarsdale Equities, a boutique investment banking firm in New York. He is a  Chartered Market Technician as well as  a registered fundamental research analyst  (series 86, 87, 7, 63, 24) with almost 30 years of  experience on Wall Street.Expand

His technical research involves general markets, sector specifics and individual equities, that have been noted in  Forbes, Reuters, Dow Jones Newswire among other publications.Collapse

The charts and the data don't justify a change in our "negative" near-term outlook.
But the data are suggesting the possibility of some pause in the decline.
These stocks are showing signs of changing direction.
This leaves our near-term outlook at "neutral/negative".
But poor breadth and high forward valuation of the S&P 500 are keeping us cautious.
Energy and materials names dominate the bearish ledger.
Only the large-cap indexes, with broad ETF ownership, are in deceivingly decent shape.
Charts are weakening, breadth is deteriorating and forward valuation is extended.
Finding the stocks that have changed direction.
Yet the outlook is neutral until we see more evidence of index deterioration.

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