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UBS Fears False Dawn In Stocks: “We Don’t Have The Sentiment For A New Breakout”

While asset-gatheres and commission-takers are celebrating the record highs in stocks – after the world did not end last weekend – UBS Technical Analyst team is a little less sanguine, fearing that this move to new record highs in the S&P could well be another false breakout due to a lack of sentiment signals in derivatives-land, and breadth breaking down.

On the one hand, the SPX is making marginal new all-time highs but on the other hand, we have the very steep 2016 bull trend underpinning the market coming under pressure to further deliver – if not break this trend.

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