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Gun It to 88
Grant Hawkridge here for JC while he enjoys some much deserved time off with the family...
We've hit on a magic number with this week's collection of Saturday Morning Chartoons: 88 charts, tables, and graphics to get you thinking about what's happening and what's coming next for markets.
(So, "Back to the Future" is actually pretty big in Australia, with the musical adaptation set to debut in Sydney next year...)
So, what's happening right now is a rotation into Consumer Discretionary.
It's deep in the stack, No. 48, Amazon.com $AMZN completing a multi-year base to new all-time highs...
Click the chart to enlarge it.
That strength is likely to spill into other areas. But we do need to discuss what that process looks like.
Right now, it means some creeping red in the S&P 500 Breadth Dashboard:
Click the dashboard to enlarge it.
Another thing to note about this weekend's Chartoons is that stock trends are under pressure.
Only 46% of stocks are above both the 50-day and 200-day moving average...
Click the chart to enlarge it.
Indeed, as JC asked on Thursday, "Is this the most bearish chart for the stock market right now?"
Click the chart to enlarge it.
As I replied on X, "What it does at this level is important."
