Last week, risk assets rallied strongly following the Fed pause and expectation of a global slowing of rate rises and easing financial conditions. The benchmark SPX rallied strongly from its gap and go in what appears to be a 3rd wave. While we had been looking for evidence of trend exhaustion, this strong rally invalidated […]

Last week, equities pushed marginally higher to potentially complete another small degree impulsive rally in the SPX and DJIA. The question is whether this is an ending wave (SPX) as we have been anticipating or just the start of a stronger 3rd wave rally (DJIA)? This week's FOMC will be key to a number of […]

Equity markets extended their respective rallies late last week as investors embraced the NFP induced goldilocks rally where the economy seems not too hot, not too cold, but just right... OPEC+ extended production cuts over the weekend opening the door to a sharp Crude rally. The DXY and Euro are approaching equality targets while the […]

Last week, US equities maintained bullish momentum after a hard test of our 50 day sma support highlighted over the last few weeks. The best case for the bears is a "sell the news" bearish reversal after this push to marginal new highs in the SPX and Nasdaq indices. The US$ extended its rally across […]

Last week, equities pushed to marginal new highs as expected but the structure appears incomplete. The gap between leaders (Nasdaq) and laggers (Russell) continued as the Nasdaq indices extended recent gains to push through our initial upside targets. The Russell remains range bound near its cycle lows and is at risk of breaking down. The […]