While SPDR S&P 500 (SPY) - Get Report has gained over 11% in the last few weeks, as a long-term investor, I have worries. The fundamental reason for rising U.S. equity markets has diminished, leaving just technical justification. The price action, however, looks worse than the fundamentals.

Over the last year, the Federal Reserve has been on the verge of tightening monetary policy. This is, in essence, policymakers' chance to remove the underlying catalyst for the rise in equities the past few years. Monetary easing in every developed country across the world made money readily available, pushing up both equities and bonds. With the removal of this stimulus, what is the next catalyst?

Yes, the U.S. economy is improving, but the U.S. is one of the lone economies avoiding contraction currently. Japan, Europe, China, and most economies in South America are experiencing slower growth or contraction. Suppressed commodity prices are weighing on revenues to developing markets. And with multi-national corporations reliant on overseas growth, the picture is currently bleak for their top-line growth as well. The point of this is to say, there is little fundamental basis for equities to achieve new highs.

Furthermore, the price action of broader equity markets is similarly weak. Most equity markets trended sideways throughout 2015, as is seen below. In August, when a culmination of negative news out of China, and uncertainty over Fed policy introduced volatility into the market, the S&P 500 fell close to 12% in a matter of days. Overhead resistance above 2,100 for the S&P 500 should prove daunting to surpass in coming months. The path of least resistance then looks to be lower.

The picture has been painted, and bearish sentiment is on the rise, meaning it is an opportune time to get short the market. If bets were being placed, most would say U.S. equities will fall 20% over the next year before they rise 20%.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.