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

TSE Tokyo Price Index TOPIX / Technical Analysis

The drop through Topix 1,680 signalled a change of trend, and we continue to target the 1,450-1,550 zone as a medium-term minimum.  One viable wave count would see Topix back below 1,200, retracing the entire post-2016 uptrend.  The wave down to the March low also counts as an initial bear market leg, but the current rally does not yet look complete.  The indicators are not yet overbought again, let alone producing bearish divergence, and the index should reach at least the 1,805-1,830 range.  The Dollar/Yen should also provide support, and note that TSE2 has recently given a “buy” signal.  We still view the market as a medium-term Sell (i.e. on more of a rally), but we are not yet ready to adopt an immediately aggressive bearish stance.

 The drop through Topix 1,680 signalled a change of trend, and we continue to target the 1,450-1,550 zone as a medium-term minimum.  One viable wave count would see Topix back below 1,200, retracing the entire post-2016 uptrend.  The wave down to the March low also counts as an initial bear market leg, but the current rally does not yet look complete.  The indicators are not yet overbought again, let alone producing bearish divergence, and the index should reach at least the 1,805-1,830 range.  The Dollar/Yen should also provide support, and note that TSE2 has recently given a “buy” signal.  We still view the market as a medium-term Sell (i.e. on more of a rally), but we are not yet ready to adopt an immediately aggressive bearish stance.

TSE Tokyo Price Index TOPIX

Topix: This Is a Bear Market Rally