From the desk of Steve Strazza @Sstrazza

Our Top 10 Charts Report was just published.

In this weekly note, we highlight 10 of the most important charts or themes we're currently seeing in asset classes around the world.

Finding Support with Fibonacci

US equities appear to be regaining ground after giving back some of their gains from this summer. Following the corrective action of the last few weeks, the Nasdaq 100 ETF has finally found support at the 61.8% Fibonacci retracement level of the June-to-August advance. These levels represent a logical place for demand to show up and halt prices from falling further. We’re watching closely to see what kind of follow-through we get in the coming days. If this was really the bottom, we should see a higher high in the near future. On the other hand, a break below 294 would signal increased downside risk and likely lead to a retest of the June lows. From a tactical standpoint, this is our line in the sand for the Nasdaq 100.

From the desk of Steve Strazza @Sstrazza

Check out this week's Momentum Report, our weekly summation of all the major indexes at a Macro, International, Sector, and Industry Group level.

By analyzing the short-term data in these reports, we get a more tactical view of the current state of markets. This information then helps us put near-term developments into the big picture context and provides insights regarding the structural trends at play.

Let's jump right into it with some of the major takeaways from this week's report:

* ASC Plus Members can access the Momentum Report by clicking the link at the bottom of this post.

Macro Universe:

• This week, our macro universe was positive as 74% of our list closed higher with a median return of 2.66%.
• The S&P High Beta $SPHB was the top performer this week, closing with a 6.34% gain.
• The biggest loser was the Volatility Index $VIX, with a weekly loss of -10.52%.
• There was a 3% gain in the percentage of assets on our list within 5% of their 52-week highs – currently at 9%.
• 4% of our macro list made...

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

To close the week, we saw a remarkable rally that drove Bitcoin prices up more than 10%. This was the largest single-day gain going back to February 28.

This came after Bitcoin tested the shelf of support near 19,000, while equity markets bounced on an important inflection point.

In last week's letter, we pointed out that buyers needed to step up and defend these levels, which they clearly have.

On Thursday, we mentioned the purchase made by the CEO of Asana $ASAN, Dustin Moskovitz, of $350 million  of ASAN stock through a private placement.

Moskovitz has completed the Form 4 filing.

The stock we're looking at this week is part of the Industrial Manufacturing sector. Let's examine which name has made it to our scan this time. Also, check out our latest post on Industrial Manufacturing stocks paving the way for the next leg of the rally!

We retired our "Five Bull Market Barometers" in 2020 to make room for a new weekly post that's focused on the three most important charts for the week ahead.

This is that post, so let's jump into this week's edition.

The Industrial sector has been on our radar throughout this year. The Nifty 500 peaked in October 2021, whereas stocks from the industrial sector continued to show resilience. Our outperformers scan list is full of industrial stocks.

Our Custom ASC Industrial Index is making a new all-time high on an absolute and a relative basis. We are looking for opportunities to add based on price breaking above the consolidating or options to add within an ongoing bullish uptrend. Finally, we'll look into potential multi-year breakouts.

In this post, we'll update the trade ideas from the last post and add a few new actionable setups that look attractive on the long side for the next few weeks and months.

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.

Have you noticed that stocks aren't getting oversold?

So not only did the new lows list go quiet, since peaking almost 3 months ago, but stocks aren't even seeing oversold readings.

The sellers appear to be exhausted.

We define oversold conditions as a 14-day RSI below 30. It's incredibly informative.

If you think a stock is in an uptrend and it's hitting oversold conditions, then it's probably time to reevaluate that thesis.

In uptrends you see overbought readings (RSI >70), and more importantly, a lack of oversold readings.

Look at the S&P500 not getting oversold at all during the Spring and Summer months:

From the Desk of Ian Culley @IanCulley

Gold has been a terrible inflation hedge over the trailing 24 months. It’s gone nowhere since the summer of 2020, while every other commodities have experienced rip-roaring rallies.

The truth is, the "inflation hedge" narrative is just that – a narrative. And I believe it’s false.

But, more importantly, so does price.

I prefer to lean on John Murphy’s observation that gold has a tendency to sniff out inflation, leading to major bull runs in commodities.

And, with gold futures on the verge of breaking down to fresh two-year lows, I think it’s a good time to revisit this often misunderstood metal.

Remember, gold was the first commodity to rally in 2019 – a full year ahead of the rest of the rest of the space.

Here’s a chart of gold futures overlaid with our equal-weight commodity index, highlighting the base breakouts:

Not only did gold experience a swift rally while most commodities were fast...

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. You can 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...