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Managing Director, MTS Research

Peter Beuttell

Managing Director

MTS Research

MTS Research Limited is an independent investment research company specialising in technical analysis. 

MTS Research provides technical analysis services in the form of regular publications and consultancy advice, catering for a number of different investment approaches from absolute or relative returns to long-only and long/short.  The company has a global client base of blue-chip financial institutions ranging in size and stretching from Los Angeles to Tokyo, via New York, London, Frankfurt and Hong Kong.  

MTS was founded in 1989 at the request of Morgan Grenfell Investment Services Limited (MGIS), the ERISA arm of Morgan Grenfell Asset Management (subsequently Deutsche Asset Management), by Peter Beuttell, a Portfolio Manager at MGIS between 1987 and 1989. 

Peter is a qualified Chartered Accountant and self-taught market technician with over 30 years experience.  At MGIS, Peter managed money in European, Australasian and Far East markets for US clients, such as American Airlines and American Petrofina.  He achieved first quartile perfomance on their behalf by blending fundamental and technical analysis in his investment decision-making.  

After an initial focus on the EAFE markets (Europe, Australasia and Far East), the company has recently expanded its coverage to include the Americas, thanks to the recently-completed two-year Knowledge Transfer Partnership with the University of Plymouth.  The resulting software – the Technical Overlay Program (TOP) – allows fund managers to access an immediate Technical view on any market, sector, stock, bond yield, currency or commodity within their selected universe.

MTS Research consists of a team of five based in Penzance and London. 

Technical Analysis

The final rally of this bull market is under way.  That has been signalled by the appearance of the three-month Triangle in the S&amp;P 500, and its recent break up through 2,718.  Its final target range is 2,872-3,148.  The lack of new index extremes over the past month mean that there are no new indicator signals of note, but the likelihood of new highs is at least consistent with our case that the Q1 extreme momentum marked the end of a buying climax.  The extreme Trend Strength readings at the time suggested we were seeing a mirror image of 2008, and an “upward crash”.  Just as the extreme momentum of 2008 was a precursor to new lows in 2009, so new highs would be normal now.  We remain at Hold, and traders could even buy on a dip to 2,645-2,655, but 2,585 closing is now the stop on that view.  Below there we would turn extremely bearish, looking for an extended decline to the 2016 low at 1,810 into 2019/2020.  Hopefully, we will get to make that call higher up.

The final rally of this bull market is under way.  That has been signalled by the appearance of the three-month Triangle in the S&amp;P 500, and its recent break up through 2,718.  Its final target range is 2,872-3,148.  The lack of new index extremes over the past month mean that there are no new indicator signals of note, but the likelihood of new highs is at least consistent with our case that the Q1 extreme momentum marked the end of a buying climax.  The extreme Trend Strength readings at the time suggested we were seeing a mirror image of 2008, and an “upward crash”.  Just as the extreme momentum of 2008 was a precursor to new lows in 2009, so new highs would be normal now.  We remain at Hold, and traders could even buy on a dip to 2,645-2,655, but 2,585 closing is now the stop on that view.  Below there we would turn extremely bearish, looking for an extended decline to the 2016 low at 1,810 into 2019/2020.  Hopefully, we will get to make that call higher up.

Dow Jones Industrial Average (INDU INDEX)

S&P 500:  Heading for a Final High at 2,872-3,148

S&P 500 INDEX

S&P 500: Heading for a Final High at 2,872-3,148