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

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.
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.

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