Equities have traded in a sideways consolidation for over a month now as investors search for direction. We do NOT have confirmation of a tradable top as markets have digested a slowing of the Fed hiking cycle, receding inflation and a moderately slowing economy. Commodities, commodity currencies and small caps are all warning of slowing […]

Last week, equities made marginal new highs before fading from overhead resistance and retesting support. Despite the negative banking news, equities held key support and rallied strongly on Friday. The question is whether or not the wave C rally is complete or would look best with a final push above the February highs? The Russell […]

Last week, equities rallied strongly after the weaker than expected CPI report. We had noted that bears needed to press early in the week to confirm an impulsive decline as the Nasdaq indices tested key support - the bears fumbled, key support held and the equity market short squeeze ripped higher. Forewarned is forearmed... "The […]

Last week, US equities turned sharply lower from resistance but the initial declines are not yet clearly impulsive. The Nasdaq indices in particular only show 3 waves down of equality into support and needs to break lower to help confirm the bigger picture bear case (reversal risk). Our likely tell. Last week's macro themes of […]

Equities ran higher last week as expected and are now entering respective sell zones for a potential wave (ii) top. This week will be a key inflection point for global equity markets - bears need to make a stand and reverse last week's rally or risk a bigger picture change in trend. While global bonds […]