From the Desk of Steve Strazza @Sstrazza
Everything has been working lately, as the weight of the evidence continues to stack up in favor of the bottom being in for the current cycle.
The short-term breadth thrusts in late July were among the first signs of it. This week, we’re seeing new highs spread out to longer time frames, such as our 63-day indicators.
The percentage of stocks above their 200-day moving average has rebounded higher after undercutting the critical 15% level. This has marked significant bottoms in the past.
Participation has spread beyond growth stocks over the near term, as materials and energy are also rallying and reclaiming key levels. We can say the same for crypto.
And, most importantly, we’re finally seeing upside resolutions. Not only that, they’re holding.
Some of our favorite charts right now are short-term reversal patterns. We’re seeing them all over in growth stocks.
Let’s talk about some we’re buying.
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