Markets remain range bound and continue to churn with inter-market divergences across the board. The tech centric Nasdaq indices are pressing swing highs while the small cap Russell 2000 tests major swing lows. The benchmark SPX / ES stalled at initial resistance but there is no strong evidence of a bearish turn. We continue to […]

Last week, equities rebounded from support despite bank runs, government intervention and financial instability culminating in the forced sale of Credit Suisse to UBS. These are NOT ordinary times. The financial system is a confidence game. Historically high leverage across governments, corporates and individuals in a rising rate environment cannot end well - the XLF […]

Last week saw a sharp decline in global equity markets following Powell's backflip on slowing rate rises coupled with the failure of a couple of US regional banks. This decline broke key near term trend support and invalidated the near term bull case. Unfortunately, this latest decline opens the door to both bullish and bearish […]

Last week, equities held layered support and rallied strongly to end the week, helping to confirm our near term bullish outlook. Last week's lows are now key support for what we expect to be a wave (iii) of C rally to new cycle highs. Bonds tagged equality support and reversed higher while the US$ may […]

Last week, equities extended their near term declines as expected towards respective support zones. I am not convinced that the counter-trend wave (2) rally is complete and suspect that markets are constructing a more complex correction for wave C of (2). Global rates and the US$ continue to rise while commodities remain mixed. Macro markets […]