Last week, equities rallied sharply for what is expected to be a relief rally and short covering following completion of the 5 wave decline as warned last week. The initial rally from support is likely to be wave (a) up of a larger degree (a)-(b)-(c) correction. Importantly, both the rates markets and US$ reversed sharply […]

Last week global equities extended recent declines into 5 waves to help confirm the bigger picture bearish change in trend. Importantly, the benchmark SPX / ES declined so far as to overlap its wave 1 / A high and confirm a corrective 3 wave rally from the October 2022 lows. The bears have taken control […]

Last week, equities reversed sharply lower from resistance as geopolitical risks escalated. This is an important juncture for global risk markets. If equities push to new cycle lows, the corrective decline will be invalidated and bears likely take control from a big picture perspective with a bearish change in trend. Gold and Silver continued to […]

Last week, equities rallied strongly before fading late on the fear of an escalating middle east conflict. The risk markets are at an inflection point. The benchmark SPX / ES is now in a pincer move between the 200 and 50 day sma - we remain prima facie bullish but wary of geopolitical risk (as […]

Last week equities declined for a hard test of equality support at the 200 day sma before rebounding late despite hotter than expected NFP data. The bulls now have their line in the sand - global equity indices now have enough waves in place to complete a corrective decline. The onus is now on the […]