Last week, equity markets drifted lower from major resistance but so far have held key breakout support. The US dollar continued to grind higher with no evidence of a tradable high. Precious metals reversed sharply lower as expected while Crude Oil gave up all of its post-Saudi shutdown spike higher. The SPX / ES faded […]

Last week the Fed confirmed its dovish bias in line with global central banks. As trade tensions subside near term, the market's focus has shifted to continued CB liquidity support in a low growth world. From a technical perspective, equity markets continue to challenge new ATH's. Importantly, the global market rally from the January lows […]

Over the weekend we saw a supply shock for Crude Oil as Saudi refineries were closed. In a world of slowing growth, a continued rally in CL produces a deflationary shock - the question is whether this rally is sustained or quickly reversed. This week's FOMC meeting holds greater consequence as equity markets test ATH's. […]

Last week, equities pushed higher towards secondary upside targets with no evidence yet of a tradable top. Bonds and PM's reversed lower as expected while the US dollar is attempting a bearish reversal. As global economic fundamentals continue to deteriorate, central banks are fighting to maintain bullish momentum and compress volatility. Notes: US equities broke […]

Last week global equity markets held support and reversed higher as the pinball action between the 50 and 200 day sma's continued. We still expect this to be a counter-trend rally before the next wave lower takes hold. Bonds and Gold continued to consolidate recent gains while the US dollar remained strongly bid. The low […]