Last week, equities held near term support and failed to confirm a bigger picture tradable top. While not our base case, the potential remains for a small degree 5th wave extension to marginal new ATH's while last week's lows hold. Bears need to break these lows to help confirm a bigger picture change in trend. […]

Wishing you and your families a happy and prosperous new year! Thank you for your support. Last week, equities rallied strongly for a corrective 3 waves up before reversing sharply lower on Friday. The onus is on the bears to extend this decline into the new year to help confirm a bigger picture bear reversal. […]

Jay Powell was the grinch that stole Xmas in the final FOMC press conference of the year. His hawkish pivot shocked the markets as equities reversed sharply lower as rates and the US$ rallied. The equity leaders (Nasdaq and SPX) reversed impulsively lower to potentially form a near term tradable top but bears need to […]

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 […]

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 […]