Last week, the ES and NQ corrected lower into 50 day sma support before rallying to end the week. The Russell 2000 and DJIA held support and rallied late while the US$ pushed higher towards equality targets. Bonds consolidated gains after last week's rally. We continue to see the ES and NQ in topping patterns […]

Last week, the grind higher in global equities continued with the SPX and Nasdaq indices leading the way while the small cap Russell continued to lag. The US$ remains range bound while bonds rebounded from equality targets. The PM's bounced from near term downside targets but remain range bound from a bigger picture perspective. The […]

Late last week saw a sharp reversal in the US$ and rates while global equities continue to climb a wall of worry. "If" rates rise from here and the reflation trades re-asserts itself, we should see a rotation from the Nasdaq indices towards the small caps (Russell). PM's fell sharply as suspected while industrial commodities […]

Last week saw equity market bulls continue to press new ATH's but the trend appears to be exhausting. We still do not have clear evidence of a tradable top but momentum divergence is warning of an impending market reversal. The SPX and Nasdaq appear to be topping while the DJIA and Russell would look best […]

Last week, equities rebounded strongly from our key support and pushed to marginal new ATH's. The bullish trend of higher highs and higher lows remains unbroken and despite deteriorating momentum, there is no evidence of trend exhaustion. With the FOMC due on Wednesday, markets are counting on a more dovish outlook to help prop up […]