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 […]

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 […]