The UBS sales trading desk is continuing to watch a market in consolidation, waiting for a potential volatility early September pull-back followed by a recovery. The price pattern from the point of the Brexit vote and subsequent market rebound is like a flag pole and flag pattern, with a double top put in place. If the stock market can’t protrude above 2194, analysts Michael Risner and Marc Muller thinks it’s just a matter of time. Considering correlations between cyclical and defensive stocks is pointing to weakness on a technical level, but the pair think that ultimately the market will rebound from any selloff.
Low volatility summer correlated...
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