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.
Buying a Bounce in Natural Gas
From the desk of Ian Culley @IanCulley
Don’t let the numbers fool you.
Despite positive returns at the index level for Q2, commodities have been in full retreat for the past month or more. We broke the damage down in last week’s post.
However you want to slice it, commodities are under increased selling pressure. The strongest areas aren’t breaking out; they’re trying to hold support.
That’s simply how raw materials are performing in the current environment. Yet we’re still finding levels we want to trade against from the long side.
Believe it or not, one of these situations is popping up in one of our favorite energy contracts…
International Hall of Famers (07-08-2022)
From the desk of Steve Strazza @Sstrazza
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.
[Video] Fox Business w/ Charles Payne: Stocks, Gold & Semis
We’re going on 32 consecutive weeks of more stocks making new lows than new highs.
In bull markets you see the opposite.
Gold has not been in an uptrend in almost 2 years. I think one day it eventually breaks out. But what’s the rush?
Let it break out!
I discussed all of this and more with Charles Payne on Fox Business yesterday.
Here’s the full clip:
US Dollar Dominates
From the desk of Ian Culley @IanCulley
The US dollar has answered any and all questions about its strength over the past few months.
During Tuesday’s session, there was no place to hide, as King Dollar continued the Fourth of July celebrations, putting on its own fireworks display.
It lit up every currency on the board as major forex pairs continue to go down in flames.
Two that stood out were the EUR/USD and the GBP/USD.
Yes, these crosses have been trending lower since the beginning of the year. But with the critical levels that broke yesterday, we’re anticipating fresh downside legs and prolonged dollar dominance.
Let’s take a look.
2 to 100 Club (07-06-2022)
From the desk of Steve Strazza @Sstrazza
Welcome to the 2 to 100 Club.
As many of you know, something we’ve been working on internally is using various bottom-up tools and scans to complement our top-down approach. It’s really been working for us!
One way we’re doing this is by identifying the strongest growth stocks as they climb the market-cap ladder from small- to mid- to large- and, ultimately, to mega-cap status (over $200B).
Once they graduate from small-cap to mid-cap status (over $2B), they come on our radar. Likewise, when they surpass the roughly $30B mark, they roll off our list.
But the scan doesn’t just end there.
We only want to look at the strongest growth industries in the market, as that is typically where these potential 50-baggers come from.
Some of the best performers in recent decades – stocks like Priceline, Amazon, Netflix, Salesforce, and myriad others – would have been on this list at some point during their journey to becoming the market behemoths they are today.
When you look at the stocks in our table, you’ll notice we’re only focused on Technology and Growth industry groups such as Software, Semiconductors, Online Retail, Solar, etc.
Then, like any good technician, we filter the list down to those closest to new highs.
This allows the cream of these strong groups to rise to the top and helps streamline our mission to identify technical breakouts in the top-performing stocks.
[Options] Cigna $CI Offers a Great Setup and Relative Strength
On both an absolute and a relative basis, healthcare names continue to perform. I guess the need for quality healthcare is a stronger driver of stock prices than interest rates and global macro? At least for now, that appears to be the case.
One name we’ve been watching, Cigna $CI, is knocking on the door of a major base breakout.
[Read more…]
Chart of the Day: Resistance & Support
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