Equities extended higher last week with the Nasdaq and SPX leading the way. The DJIA and Russell continued to lag as rates declined and the US$ fell, warning of a deteriorating growth outlook. The question is whether the Nasdaq and SPX are impulsing strongly higher or forming an ending diagonal / wedge? It will be […]

Last week, equities pushed to marginal new ATH's with the exception of the Nasdaq indices as the primary bull trend continues unabated. This latest rally invalidated the near term bear reversal (as warned) and opens the door to a 5th wave extension or more bullish 3rd wave rally. Either way, the bull market rally appears […]

Last week, equities declined impulsively as expected into the 50 day sma support before rebounding sharply with the DJIA and Russell leading the charge. However, the cash SPX did not confirm the ES_F impulsive decline and the inability to break 50 day sma support warns that the bigger picture trend remains bullish. While the SPX […]

Last week, equity markets exhausted to the upside as the Trump Top reversed lower. As warned in last week's update, equity markets had met initial upside targets after an impulsive 5 wave rally to new ATH's unconfirmed by the Russell 2000. This sharp reversal warns of the potential for an intermediate degree market top. Bears […]

Last week, equities held near term support and rallied strongly as expected following Trump's win. Equities have now met initial upside targets for this latest rally but there is no evidence yet of a tradable top. The strength of this rally and bullish backdrop calls into question whether this was an ending 5th wave as […]