Global equities continue to grind higher in this risk-on rally and there is no evidence of a tradable top. The DXY broke major trend support and extended lower in what is expected to be a 5th wave decline. Commodities rallied across the board, driven by the weaker US$, rising rates and hopes of a reflationary […]

Note: Due to the Thanksgiving holiday the COT data has not yet been released. We will update when available. Low rates coupled with a weak US$ remain supportive of risk assets while the PM's continue to underperform. The SPX / ES failed to confirm a bearish change in trend with only 3 waves down last […]

Last week global equities consolidated recent gains with an inside week. The US$ remained under pressure supporting commodities while bonds rallied across the board. Importantly, the SPX / ES held our key near term resistance and stair stepped lower but the decline is not clearly impulsive and we have no confirmation of a market top. […]

Last week saw a continuation of the equity market bull trend with renewed hopes of a Covid vaccine while global infection cases soar. This appears to be an improbable combination but hope springs eternal. Interestingly, while the SPX, DJIA and Russell all pushed to new ATH's, the Nasdaq indices lagged and did not confirm the […]

Early last week we tweeted the bullish turn in risk assets before the election. Since then, equities rallied strongly to now retest ATH's in the ES and NQ. The Russell 2000 made new cycle highs as expected, crude oil rallied and the US$ reversed lower. A Biden win coupled with a likely GOP senate implies […]