Is the stock market toppy as it approach new highs? Key markets are looking to have downside risk as divergent correlations appear to indicate the recent rally in stocks and commodities such as oil are really a last gasp, technical analysis coming of the UBS sales trading desk suggests. Market toppy: underlying momentum indicators diverge from SPX price action The recent move higher in the SPX was “a low momentum breakout,” UBS trade desk analysts Michael Riesner and Marc Muller say. The move near 2,100 in the S&P 500-based SPX appears like a drunk asking for more alcohol but in…
UBS Trade Desk Says Market Toppy At SPX 2100, Don't Buy Breakout
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.