The bull trend in equities continued to extend higher while climbing the wall of worry. While the bull trend remains intact, bearish momentum divergence continued to build across multiple timeframes. The primary bull trend appears incomplete but the rally is very extended and overdue for a corrective retracement. From a big picture perspective, we are […]

NB: Apologies, but there will be no MCP Market Update next week as we will be on vacation. Last week, the bull trend in equities extended immediately higher invalidating the near term top (as warned). While the bull trend continued to make higher highs and higher lows, bearish momentum divergence continued to build across multiple […]

Last week, equity markets rebounded more strongly than expected and the lack of downside follow through calls into question the intermediate term top. While the near term rally is overlapping and not clearly impulsive, the potential remains for both an immediate bullish extension higher (green case) or corrective retracement in wave (c) of 4 down […]

Last week, equity markets pushed to marginal new ATH's before reversing sharply lower as expected. The rally was extended and overdue for a corrective decline as warned last week. The impulsive nature of the decline warns that last week's reversal is likely only part of a larger wave 4 corrective retracement. Equity indices formed a […]

Last week, the equity market bull trend continued higher for what we expect to be a wave (v) of 3 extension. While this latest rally is very extended, there is no evidence of a tradable top as the bull trend continues to subdivide higher. The big picture rally from the April lows remains incomplete and […]