Last week we were looking for confirmation of a change in trend but the bears fumbled the ball (yet again). The bulls are attempting to push to new cycle highs to invalidate our near term bear count. Friday's close into resistance was setting up a short in the #ES_F 2837 area but this morning's breakaway […]

Last week, the SPX and Nasdaq pushed to new cycle highs following the dovish Fed but the rally was NOT confirmed by the broader indices with the Dow, Russell, Banks and Transports all lagging. Weakness in global growth sent yields lower pressuring the Banks while the US dollar remained range bound. Bears need to see […]

This is an important week for the markets with the FOMC on deck this week. Despite the continued slowing of global growth, the markets are rallying on the Fed's dovish signalling. Any change in rhetoric will likely impact markets negatively. In the meantime the bulls remain in control. Last week, the global equity bull market […]

Last week the equity market rally stalled at resistance after likely completing an impulse up from the December lows. The US dollar strength continued into resistance while Bonds rallied sharply. PM's rallied off support late in the week. The SPX / ES reversed lower from our 2800-25 layered resistance zone after likely completing wave (i) […]

The global equity melt-up continues. The series of higher highs and higher lows coupled with impulsive rallies and corrective pullbacks continues unabated. We are patiently awaiting evidence of trend exhaustion and a tradable top but the bulls remain in control. The US dollar remains range bound (compressing) while bonds and PM's finally broke down as […]