Macro Mondays

April 27, 2025 At the risk of oversimplifying, conciliatory developments on global trade this week have coincided with a developing early-stage bullish reversal in the S&P 500 and US equity outperformance vs. rest of world equities (chart below). S&P 500 price has moved above the 5504 level which is our minimum threshold for bullish reversal […]

April 20, 2025 S&P 500 price action continues to consolidate after putting in a potential floor at the 4818 level (chart below).  4818 was very near the S&P 500’s 2022 price high which marked the peak of the post-pandemic, stimulus-fueled bull market.  We also note the symmetry of the 27% peak-to-trough decline in 2022 and

April 13, 2025 Equities continue to swing on developments around global trade policy.  This past week saw the Trump Administration take its first steps towards outlining parameters for compliance with its policy goals.  Concessions around computers and Smart phones, rollbacks of higher rates for countries that have offered to cooperate and very high rates for