We’re looking at new 7-year highs for the Energy Sector Index Fund.
How many stocks and ETFs in America do you think are doing that? [Read more…]
Expert technical analysis of financial markets by JC Parets
by JC
We’re looking at new 7-year highs for the Energy Sector Index Fund.
How many stocks and ETFs in America do you think are doing that? [Read more…]
by JC
This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.
by Ian Culley
From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley
Momentum thrusts abound.
The other day on Twitter Spaces, JC made the point that we hadn’t seen many bullish thrusts this year. He was right. There have been a handful of obscure ones, but nothing really stands out. Until now…
Last week, the High-Yield Bond ETF $HYG registered its largest single-day rate of change since spring 2020.
Not bearish, right?
Then, yesterday, copper futures followed this up by rallying over 5% and booking their largest daily gain in almost a decade.
Also, not bearish.
These types of strong momentum thrusts tend to kick off new uptrends.
We just covered the action in HYG and highlighted the major bottoms that formed under similar momentum conditions.
Today, we’re going to review yesterday’s thrust in Dr. Copper and discuss what a sustained rally from here could mean for risk assets.
Let’s dive in!
From the desk of Steve Strazza @Sstrazza
Our Hall of Famers list is composed of the 150 largest US-based stocks.
These stocks range from the mega-cap growth behemoths like Apple and Microsoft – with market caps in excess of $2T – to some of the new-age large-cap disruptors such as Moderna, Square, and Snap.
It has all the big names and more.
It doesn’t include ADRs or any stock not domiciled in the US. But don’t worry; we developed a separate universe for that which you can check out here.
The Hall of Famers is simple.
We take our list of 150 names and then apply our technical filters so the strongest stocks with the most momentum rise to the top.
Let’s dive right in and check out what these big boys are up to.
Chemicals and Fertilizing stocks have been among the sectors that seem to be “benefiting” from supply shocks in the system stemming from the war in Ukraine, as well as just general inflation touching the price of everything (except tech stocks, heyooooooooo!)
The team put out a “Trade of the Week” last week in this sector that now has my attention as the stock has held on to recent gains.
Stocks in the right sectors, making multi-year highs are stocks I can’t ignore.
by JC
It would be irresponsible of me not to make Small-cap Value today’s Chart of the Day.
I mean how can it not be?
(OK, Copper’s biggest 1-day move since 2013 was a close 2nd)
But the new 6-week highs in $IWN, which represents Small-cap Value, just cannot be ignored!
If these guys are above their former support levels going all the way back to Q1 2021, then a short position in any of these things is a mistake: [Read more…]
by JC
This is the video recording of our June 2nd Monthly Charts Live Strategy Session
by Ian Culley
From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley
Back in January, the big story was the yield on the 10-year US Treasury note printing new multi-year highs.
At the time, other benchmark yields worldwide were also resolving higher, completing large bases.
This was confirming evidence that added to our conviction US yields were headed higher and that we were in the early stages of a rising rate environment.
The confirmation from global yields proved valuable information.
Almost six months later, the US benchmark is just below 3.00%. As it pauses below a critical level, we again turn to overseas rates to get a read on the potential near-term direction of the 10-year yield.
And just like earlier in the year, they’re pointing higher.
Let’s take a look.