UBS Warns “Beware The Bull Trap” As Breadth Breaks Down
by Tyler Durden
ZeroHedge.com
04/21/2016
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.
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