MCP Market Update: September 2nd, 2024 – Bull trend cont.
by Mofar2016 | Sep 2, 2024
The equity bull market remains intact as the series of impulsive rallies and corrective declines continues. Last week's decline in the benchmark SPX / ES into 50 day sma support appears corrective as we look for an extension higher in wave (v) of 5 to new ATH's. There is no evidence of a tradable top […]
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MCP Market Update: August 19th, 2024 – Bulls extend
by Mofar2016 | Aug 19, 2024
Last week, equities broke through overlap resistance and rallied strongly to help confirm a corrective decline and ongoing bull market trend. The market leading SPX and Nasdaq have rallied in an extended 3 waves up so far and need to continue higher in 5 waves to help confirm the immediate rally to new ATH's. The […]
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MCP Market Update: August 12th, 2024 – Support holds
by Mofar2016 | Aug 12, 2024
Last week, equities declined sharply into measured support before rebounding throughout the week. The decline from ATH's is only in a corrective 3 waves so far and needs to extend immediately lower in 5 waves down to help confirm a bigger picture bearish change in trend. Bulls need to hold last week's lows and extend […]
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MCP Market Update: August 5th, 2024 – Flush lower
by Mofar2016 | Aug 5, 2024
Last week, equities broke support and flushed sharply lower in what is expected to be a wave (c) or (iii) decline. The broad based decline and risk-off environment saw the Nasdaq, NYFANG and SPX continue to decline impulsively through equality support. The Russell pushed to marginal new highs before reversing sharply lower late in the […]
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