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

Yet the outlook is neutral until we see more evidence of index deterioration.
And the surge in volume on the charts suggests possible institutional distribution.
Finding the stocks that have changed direction.
Our concern for the near term is increasing, especially when taking into account the decade-high forward valuation of the SPX.
Going short could prove painful at this stage of the chart setups.
Which stocks have changed direction in the past week.
There is an unhealthy combination of high valuation and advisor complacency.
Investor advisor sentiment is overly bullish, while valuation is at decade highs.
Which stocks are trending bearish, which are going bullish.
When everyone is bullish, any proverbial bump in the road is more difficult to absorb.

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