Last week, we held our June 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.
Gold’s failed breakout is testing investor resolve.
But let’s consider last week’s action before unearthing our bullion.
Check out the failed breakout with a bearish momentum divergence in the lower pane:
Waning momentum and failed breakouts go hand in hand. Gold futures proved an excellent example of momentum diverging from price, one of the reasons we track RSI readings.
But just because momentum confirmed the failed breakout doesn’t mean we should turn bearish gold and precious metals.
Remember, gold posted a new all-time high last week. New all-time highs are bullish in my book, no matter how you slice them.
Plus, the March breakout remains valid, and the underlying uptrend is intact:
Zoom out on the weekly chart, and last week’s bar becomes a whipsaw (much like last December’s false start).
Investors are preparing themselves for the launch of a second wave of crypto ETFs. With Ethereum up over 25% in recent weeks, it's clear the market has positive expectations for these new products.
Breadth has expanded in a big way since last week, with more and more stocks finally joining in on the bull market as big-cap tech leaders take a breather.
At the sector and industry group level, our list of indexes that are in uptrends continues to grow.
Some notable new members on this list include regional banks, small-caps, and various speculative growth funds.
After years of basing in accumulation patterns, these groups are just now completing primary trend reversals.
What does this mean?
In its simplest form, it means there are more ponds we can fish in for long opportunities. There are more stocks -- and groups of stocks -- that are in uptrends.
It’s just more options for us.
One of the groups that has broken out with authority recently is the biotechs.
Regardless of what index you're looking at, the path of least resistance is now higher for this health care subsector.
We’ve identified some of the strongest biotech stocks with asymmetric risk/reward setups and clear levels to trade against.
Our International Hall of Famers list is composed of the 100 largest US-listed international stocks, or ADRs.
We've also sprinkled in some of the largest ADRs from countries that did not make the market cap cut.
These stocks range from some well-known mega-cap multinationals such as Toyota Motor and Royal Dutch Shell to some large-cap global disruptors such as Sea Ltd and Shopify.
It's got all the big names and more–but only those that are based outside the US. You can find all the largest US stocks on our original Hall of Famers list.
The beauty of these scans is really in their simplicity.
We take the largest names each week and then apply technical filters in a way that the strongest stocks with the most momentum rise to the top.
Based on the market environment, we can also flip the scan on its head and filter for weakness.
Let's dive in and take a look at some of the most important stocks from around the world.
Here's this week's crypto roundup. It's an opportunity for us to take a step back, set aside the distractions, and delve into the key charts shaping the crypto complex.
Look at this chart. While people are telling you that the market is in a bubble, things are parabolic and this is unsustainable, the largest weighting of the most important stock market gauge hasn't even done anything for years.