MCP Market Update: July 31st, 2023 – Grinding higher

Last week, equities continued to grind marginally higher as traders digested stronger growth, declining inflation and continued central bank rate rises. While the rally is extended and we are starting to see inter-market and momentum divergence there is no strong evidence of a tradable top. Bonds reversed sharply from resistance and sold off more than […]

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MCP Market Update: July 24, 2023 – Rotation at resistance

Last week, equities consolidated recent gains as investors began to rotate out of big tech and into the broader industrials. The DJIA is at a key inflection and has enough waves in place to potentially complete an "ending" diagonal or break up and out of its recent consolidation. The Russell 2000 is also testing the […]

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MCP Market Update: July 17th, 2023 – Goldilocks

Last week's CPI came in not too hot, not too cold, but just right for this goldilocks market - the US$ broke sharply lower while equities, bonds and commodities rallied in the hope of a less interventionist Fed and potential soft landing. Equity markets are threatening to push towards new ATH's but small caps continue […]

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MCP Market Update: July 10th, 2023 – Near term risks

Global equities continue to stall at resistance as global rates rallied across the board - the risk markets are attempting to price in higher rates for longer as global economies remain resilient with constrained labor markets. Equity markets appear to be forming a small degree wave (iv) correction within an ongoing impulsive rally. The alternative […]

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MCP Market Update: June 26th, 2023 – I see triangles

Last week, equities drifted lower from resistance but the declines are NOT yet clearly impulsive. Importantly, the Russell 2000 overlapped its proposed wave (i) high to invalidate the near term bull case and open the door to a more bearish reversal. The equity market rally is getting narrower with very few stocks dragging the primary […]

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