The analysts who study price charts for a living don’t like this stock market

The stock market is showing signs of shaking off its late summer slump, paving the way for a potential year-end rally. But many of Wall Street's top chart watchers aren't buying it. The S & P 500 is up more than 3% since Oct. 3 and has risen comfortably above its 200-day moving average near 4,200. That can sometimes be a positive sign in technical analysis because it means that a key area of downside support held firm.

This divergence has been a talking point for most of this year, and still has yet to be resolved. We remain in the camp that it's only a matter of time before the winners succumb to what most of the rest of the market has been saying for months now." The S & P 500, like the Nasdaq-100 , is a market-weighted index, so rallies in a few big stocks can sometimes give an unclear picture of how the rest of the market is doing.

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