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.
Commodities, Ya Dig?
From the Desk of Ian Culley @IanCulley
It doesn’t matter where you look: Commodities are digging in, finding support, and reclaiming key levels.
Grains, softs, base metals, and energy have all stopped going down. Even gold is bouncing off critical levels of former support.
But it’s not just the fact the commodity correction is hitting the pause button that’s important.
It’s where it’s happening.
Let’s take a look at a few charts. [Read more…]
The Hall of Famers (08-12-2022)
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 which you can check out here.
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.
[PLUS] Weekly Observations & One Chart for the Weekend
From the desk of Willie Delwiche.
While many started to pay attention to the potential for equity market weakness well after the S&P 500 peaked back in January, a look beneath the surface showed that trouble had been brewing for a while. The percentage of stocks in the S&P indexes that were 20% or more below their highs stopped retreating in March of 2021 and started to rise over the second half of 2021. That intensified over the first half of 2022 and crescendoed to a peak in mid-June (at which point between 75% and 85% of stocks were in drawdowns of 20% or more). The pattern of higher highs and higher lows in this measure of stock market weakness is now being challenged. Already fewer stocks in the mid-cap S&P 400 are in 20% drawdowns than was the case in early June. Small-caps and large-caps aren’t far behind. Before sustained strength, we usually experience waning weakness. And that is what we are seeing right now.
HY Is Hitting Higher
From the Desk of Ian Culley @Ianculley
More pieces of the puzzle are falling into place for the bulls.
We’ve been pounding the table about the dollar and rates for months, and now they’re starting to take shape.
On Wednesday, the US Dollar Index $DXY broke to fresh lows, violating a multi-month trend line.
And interest rates… well, they haven’t moved much. They continue to hold their range after peaking in June.
As expected, stocks surged yesterday in response to a weaker dollar and stable bond market.
But stocks aren’t the only risk assets on the rise. Investors are moving out on the risk curve and bidding up high-yield bonds, too.
[PLUS] Weekly Town Hall w/ Willie Delwiche
This is the video recording of the August 11, 2022, Weekly Town Hall w/ Willie Delwiche.
08/11/22 2:00 PM ET [Read more…]
Breadth Thrusts & Bread Crusts: Letting Profits (Cantaloupes) Run
From the desk of Willie Delwiche.
I don’t want to count my melons before they are ripe, but letting profits run in the garden looks like it’s going to pay off this year.
Sorry for the mixed metaphors. This is what I’m talking about…
I spotted a volunteer melon plant coming up next to the garage earlier this summer. In gardenspeak, a “volunteer” is something that comes up on its own, not because of a seed that was intentionally planted. It’s not in the best spot and I could have pulled it out right away.
But I didn’t. I let it grow for a little while. Then a little while longer. Now I have an awkwardly-situated cantaloupe plant that covers 30 square feet.
So why did I leave it?
[Premium] Details For August 2022 Mid-Month Conference Call
These are the registration details for our live mid-month conference call for Premium Members of All Star Charts.
Our next Live Call will be held on Monday August 15th at 6PM ET. As always, if you cannot make the call live, the video and slides will be archived and published here along with every other live call since 2015.
Here are the details for Monday night: [Read more…]
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