From the Desk of Kimmy Sokoloff

The market has been in a steady decline since mid-September.

I'll be truthful: As of right now, not too much is interesting to me.

I need to see how stocks act today.

On the eve of Chart Summit 2023, let's take a look at how some of the most important areas of the market are holding up during what is seasonally the most bearish time of the year.

Technology represents close to 30% of the S&P500 and almost half the entire Nasdaq100. And here it is going out at its lowest weekly close since May:

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.

From the Desk of Steve Strazza @Sstrazza

Monday night we held our September Monthly Conference Call, which Premium Members can access and rewatch here.

In this post, we’ll do our best to summarize it by highlighting five of the most important charts and/or themes we covered, along with commentary on each.

Let’s get right into it!

From the Desk of Ian Culley @IanCulley

Markets are adjusting to rising rates as investors weigh the possibility of “higher for longer.”

Bonds are breaking down to fresh lows. The major US stock market indexes are chopping within a range (perfectly normal from a seasonal and cyclical perspective). And commodities are kicking back into gear. 

All of these intermarket pieces fall neatly into a dynamic puzzle. Nothing appears out of place.

But the best information comes from markets presenting atypical behavior or defying expectations.

One commodity is doing just that as we head into the weekend...

Silver!

Did silver not get a copy of the FOMC press release? Or perhaps silver ignored it altogether… 

Silver should sell off as the 10-year yield hits a new sixteen-year high and the US dollar heads toward its...

From the desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts

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. Click here to check it out.

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.

Here’s this week’s list:

*Click table to enlarge view

We filter out any laggards that are down -5% or more relative to the S&P 500 over the trailing month.

Then, we sort the remaining names by their proximity to new 52-...

From the Desk of Kimmy Sokoloff

We had a little bit of a bounce during the morning hours.

We'll see how the indices react next week.

The post-fed interest rates decision hangover this week has thrown stocks back into the sideways slop zone. Therefore, until conditions change, we're going to keep selling premium to ride this out.

Today's trade is a defined risk premium collection play that gets us out just before earnings.

We've adjusted a position in the Paid-to-Play portfolio today:

From the Desk of Steve Strazza and Alfonso Depablos

The largest insider buy on today’s list comes in a Form 4 filing by Jack Hightower, the chairman, president, and CEO of HighPeak Energy $HPK.

Hightower reported an HPK purchase worth a total of $8.4 million.

From the Desk of Kimmy Sokoloff

To those who celebrate, I wish you a blessed year ahead!

The market is bouncing some. I'd like another push lower, but we can see a bounce shortly.

The stock market is messy, not trending higher, and frustrating many investors who haven't studied their market history.

This type of market environment, this time of the year, is EXACTLY what we should expect as investors.

If the market was NOT acting this way, then that would be weird.

Sometimes the market ignores seasonal trends. And that tends to be an important signal.

But, to be clear, this is definitely NOT one of those times.

The market is doing exactly what it should be doing.

See: Weakest Time of the Year

Over half the stocks on the NYSE are below their 200 day moving average. Same with the S&P500.

Here's what the index itself looks like near the lower end of this multi-month range: