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U.S. and Canadian markets continue to soar like a rocket, but the technical charts indicate there is going to be a reckoning soon.
“Although momentum remains strong, particularly in the U.S., our technical work continues to flash warning signs that an intermediate-term (1-2 month) correction is on the horizon,” Javed Mirza, analyst at Canaccord Genuity Capital Markets, wrote in a note on Sunday.
The analysts expect S&P/TSX Composite Index to decline to 16,790 points, an 8.7 per cent drop from its current levels. Meanwhile, the S&P 500 Index will slip to 3,508 points, a nearly 6 per cent drop from the 3,855 level this morning.