Another positive week -- add it to the growing tally!
This is the first time Bitcoin's been up for four consecutive weeks since August 2021. Similarly, Bitcoin's 14-day RSI eclipsed its highest level going back more than two years.
We have a name for this price action...
Momentum thrusts.
We see them all the time in the beginning stages of new trends.
There's no denying that this move has been impressive. In fact, we'd even argue that it represents a structural shift in this market.
By my work, everything started to improve for stocks after June 16th.
That was when the list of new 52-week lows peaked and stocks started the process of going up all the time, instead of going down all the time.
In bull markets, stocks go up. In bear markets they go down, not sure if you heard...
Anyway, these days I'm seeing a lot of investors pointing to October 13th as the market bottom, because that's when the S&P500 and some of the other indexes made their lows.
But by then, most stocks had already bottomed. It was only a few of those large-cap indexes left still falling.
In fact, I was interviewed by Maria Bartiromo on national television the very next morning (Oct 14th), and I was telling her how stocks had already been in a bull market for months.
To be clear, the list of Sectors in uptrends kept getting longer throughout the 4th quarter, not shorter.
And so now here we are, with all of those sectors still above their 200 day moving averages. But you can also add Technology and Communications to that list as well.
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.