The relentless rise in equities to record highs this year from the US to Australia has triggered some technical indicators that suggest markets may be on the cusp of a major correction, brokers warn.

Volatility in the sharemarket is already picking up in the US with the S&P 500 Index and the small-cap Russell 2000 Index last week suffering their steepest sell-off since mid-December after weak economic data reinforced fears of a slowdown in the world’s largest economy.