Last week saw another corrective decline in US equity markets within the bigger picture uptrend. The US$ pushed higher across the board in this risk off environment while rates were stable. Crude Oil confirmed its impulsive decline in 5 waves before recovering later in the week potentially setting up the next wave lower. This will […]

Last week saw most equity indices push to marginal new highs before reversing lower. Markets may have topped in primary wave 3 but we do NOT have confirmation of a change in trend. Only the decline in ES appears impulsive while the RTY appears corrective. The Nasdaq was unable to break back above resistance as […]

Global equities extended gains last week as the risk-on environment continued. The reflation trade remains the focus as rates rise alongside commodities, helping push the Russell 2000 and DJIA through new ATH's as expected. The Nasdaq indices continue to lag with rates rising in the US. The US$ churned sideways in what is likely to […]

Last week started with a sharp corrective rally and continued wave (c) decline that met our downside targets. We have enough waves in place to complete the latest corrective decline. The question is whether the market pushes to new ATH's in a 5th wave or continues sideways to down for a larger degree wave 4. […]

Last week we got the correction we were looking for after completion of another impulsive rally in equities. Importantly, while the decline in ES and RTY is clearly corrective, the decline in the Nasdaq indices appears impulsive. The bond market rout continued, dragging long duration risk assets lower with the TLT capitulating into structured support. […]