UBS Warns “Beware The Bull Trap” As Breadth Breaks Down

Thursday, April 21, 2016
By Paul Martin

by Tyler Durden

In January and in early February UBS’ technical analysts said that while they do not believe in a 2008 event, 2016 should be a highly volatile and a trading oriented year for equities… and so far it has. But now Michael Riesner and Marc Muller see a high likelihood to move into our suggested early Q2 cycle top this week.

With last week’s higher low at 2033, we have a new pivotal support in place in the SPX, which makes 2033 to a tactical key support.

On the upside the market has still strong resistance at 2080/2100. A re-break below last week’s breakout level at 2075 would be initially negative. A break of 2033 would imply that a more important tactical top is in place with support/initial targets at 2022, 1980 and 1950.

The Rest…HERE

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