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

We started last year with an S&amp;P 500 target at 2,363 and progressively raised that to 2,700-2,720, since its post-2009 bull market pattern has not looked complete - until now. Both it and NASDAQ 100 need minor upward drift to finish off their short-term wave counts, but that could be a matter of only a few weeks, and would allow NDX to hit our highest targets up to 6,737.Note that we are not raising our targets again (at this point, at least, but for the record the next levels are 2,838 and 2,934).Amongst the indicators, the deterioration in the New 52-week High/Low area is similar to that of the 2007/2011/2015 topping phases, and remains of particular concern. The Sentiment arena has been flashing medium-term warnings since Q4, and continues to do so. Not all areas show deterioration (e.g. Trend Strength), and we would be more concerned if the patterns in Japan and Emerging looked as near completion, but we are watching for signs of top-building now that major US targets have been achieved.

We started last year with an S&amp;P 500 target at 2,363 and progressively raised that to 2,700-2,720, since its post-2009 bull market pattern has not looked complete - until now. Both it and NASDAQ 100 need minor upward drift to finish off their short-term wave counts, but that could be a matter of only a few weeks, and would allow NDX to hit our highest targets up to 6,737.Note that we are not raising our targets again (at this point, at least, but for the record the next levels are 2,838 and 2,934).Amongst the indicators, the deterioration in the New 52-week High/Low area is similar to that of the 2007/2011/2015 topping phases, and remains of particular concern. The Sentiment arena has been flashing medium-term warnings since Q4, and continues to do so. Not all areas show deterioration (e.g. Trend Strength), and we would be more concerned if the patterns in Japan and Emerging looked as near completion, but we are watching for signs of top-building now that major US targets have been achieved.

S&P 500: Major Targets Reached, Warning Signals Forming

S&P 500 INDEX

S&P 500: Major Targets Reached, Warning Signals Forming