Last week, equities extended higher towards equality resistance as risk markets embraced the Trump trade with bullish equities, higher rates, stronger US$ and PM's. The trend is you friend as most equity indices continue to extend higher with only the Nasdaq and Semi's warning of a potential tradable top. Bond markets reversed lower late last […]

Last week, the primary macro market trends remained intact with bullish extensions in equities, rates and the US$. Equities extended higher but the near term rally appears incomplete. Both the Nasdaq and SPX are approaching equality resistance with the potential for a wave 3 or C top. Note the Nasdaq is approaching major overhead resistance […]

Last week equities declined in a corrective 3 waves in what appears to be a shallow pullback. There is no evidence of a tradable top with the potential for an immediate extension higher or a more complex correction. Importantly, the Russell 2000 / RTY declined in a corrective 3 waves of equality before rallying late […]

Last week, equities extended marginally higher but the big picture wave count only shows 3 waves up from the August lows. While the benchmark SPX and DJIA have pushed to new ATH's, the Nasdaq and Russell 2000 have not. This inter-market divergence is notable. Impulsive rallies don't end in 3 waves so bulls either need […]

Last week, equities extended higher as expected following the Fed's 50bp cut with the SPX and DJIA impulsing to new ATH's. This latest rally is clearly impulsive but the question remains whether it is an ending wave (c) of B rally as part of a larger degree corrective wave (4) or just part of a […]