Last week, equities continued to churn higher but the rally was not clearly impulsive as the SPX / ES pushed to marginal new ATH's unconfirmed by the Nasdaq indices (bearish inter-market divergence). The question is whether it formed a rare expanding ending diagonal top or wave (b) headfake top as part of an ongoing bull […]

Last week, equity markets corrected lower with no confirmation of a bearish change in trend. The benchmark SPX continues to hold 50 day sma trend support and retains the bullish potential to extend higher. The key Nasdaq indices remain within triangle consolidations with the potential for a wave 5 of (5) rally to new ATH's. […]

Last week, equity markets extended marginally higher but the overlapping nature of the rally warns that the bull trend is exhausting in an ending diagonal (wedge) top. The benchmark SPX / ES has enough waves in place to potentially complete the 2025 rally but there is no confirmation of a tradable top. We remain alert […]

Last week, global equity markets extended higher as expected and the SPX now has enough waves in place to potentially complete the 2025 rally. We are now alert to the potential for trend exhaustion and bear reversal. It is important to note that the bull trend remains intact while above the 50 day sma trend […]

This week’s Update focuses on the market’s primary trend to the exclusion of micro counts given the unreliable nature of the low volume holiday period. Global risk markets continued to consolidate over the holiday period in low volume choppy trading conditions. The primary bull market trend for equity markets remains intact despite the Nasdaq indices […]