MCP Market Update: December 16th, 2024 – Narrowing Leadership

Last week, the narrowing leadership in equities continued with the Nasdaq indices pushing to new ATH's while the DJIA and Russell sold off strongly. This narrowing leadership is warning of potential trend exhaustion as we look for a Nasdaq reversal to help confirm a tradable top. The benchmark SPX continues to consolidate near ATH's in […]

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MCP Market Update: December 9th, 2024 – Extended 5th?

Equities extended higher last week with the Nasdaq and SPX leading the way. The DJIA and Russell continued to lag as rates declined and the US$ fell, warning of a deteriorating growth outlook. The question is whether the Nasdaq and SPX are impulsing strongly higher or forming an ending diagonal / wedge? It will be […]

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MCP Market Update: December 2nd, 2024 – Extend or pretend…

Last week, equities pushed to marginal new ATH's with the exception of the Nasdaq indices as the primary bull trend continues unabated. This latest rally invalidated the near term bear reversal (as warned) and opens the door to a 5th wave extension or more bullish 3rd wave rally. Either way, the bull market rally appears […]

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MCP Market Update: November 25th, 2024 – Key inflection

Last week, equities declined impulsively as expected into the 50 day sma support before rebounding sharply with the DJIA and Russell leading the charge. However, the cash SPX did not confirm the ES_F impulsive decline and the inability to break 50 day sma support warns that the bigger picture trend remains bullish. While the SPX […]

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MCP Market Update: November 18th, 2024 – Trump Top

Last week, equity markets exhausted to the upside as the Trump Top reversed lower. As warned in last week's update, equity markets had met initial upside targets after an impulsive 5 wave rally to new ATH's unconfirmed by the Russell 2000. This sharp reversal warns of the potential for an intermediate degree market top. Bears […]

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