One top technical analyst sees more downside risk than upside reward for the S&P 500 in the months ahead.
Matt Maley, equity strategist at Miller Tabak, is worried about how the index has behaved over the past six months. Particularly, Maley notes that the S&P 500 has tested its 100-day moving average repeatedly before rallying up to what he sees as an upward-sloping resistance line.
"The problem is when we rally and break to new highs, which we've done several times, each time it's only a slight break of 1 percent or so," he said. "Although it's kind of an upward-sloping channel there, my concern is that we haven't been able to break out in a significant way."