Markets are facing a black swan event with 'nowhere to hide' as the latest rally has fueled a bubble that could burst at any time, veteran technical analyst says

• Markets are facing a black swan event, according to veteran strategist Jeff Bierman.
• Bierman pointed to a positive correlation between 5 assets, which is a sign the market is overbought.
• "This is a witch's brew for the pain trade to the downside," Bierman said in a note on Thursday.

Markets are facing a black swan event, and investors have nowhere to run as the rally across markets in 2023 has inflated a dangerous bubble, according to veteran technical analyst Jeff Bierman.

Bierman, chief market technician at TheoTrade, pointed to troubling technical signals in the current market rally that suggest the upward trajectory in asset prices is about to come to an abrupt end.