The S&P 500 is near record highs. But some bearish technical headwinds may soon spell trouble for stocks.
According to John Kosar, director of research at Asbury Research, three charts show that a peak in stocks may already be underway.
Kosar first looks at the Nasdaq 100 index. He notes that it failed to break above its September 2000 high of 4,147.19. While the Nasdaq 100 made a few attempts to rise above that level this month, it still has not done so and closed Wednesday at 4,073.57.
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The NASDAQ 100 actually peaked at 4119 on September 19th, 2 days after John Kosar’s CNBC interview, before declining by 419 points or 10% to 3700 on October 15th.