Raymond James technical strategist Javed Mirza shares his outlook on the market.Top Picks: Tamarack Valley Energy, Peyto Exploration & DevelopmentOur technical work indicates an intermediate-term corrective phase is attempting to take hold, which suggests that investors should adopt a more defensive stance, in conjunction with previous market leaders showing signs of stalling.
Despite equity markets recently making new highs, market internals have been trending lower. Investor sentiment indicators are showing signs of greed, and the VIX recently triggered a new short-term mechanical buy signal, indicating potential market turbulence ahead. In addition, bond markets are also weakening. Higher bond yields are likely to be a headwind for equity markets and would also support weakness in bond proxies and other rate sensitive equities.
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