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 […]

Last week, equities rallied strongly following a corrective decline as the SPX and DJIA pushed back towards new ATH's. While we had been looking for a deeper correction within the bull market trend, the strength of the rally opens the door to an immediate wave 3 rally to new ATH's (bull case). The key test […]