- With Energy and Financials experiencing short-term weakness, new leaders have emerged. Consumer Discretionary, Technology and Real Estate are in the top three spots in our relative strength rankings, showing leadership on both an equal-weight and cap-weight basis.
- Our industry group heat map shows Semiconductor strength is fueling the leadership coming from the Tech sector.
[PLUS] Weekly Top 10 Report
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.
Mixed Action From Major Averages
The biggest theme from this week was failed breakouts. We saw a lot of major averages and sector indexes in the US violate their former highs and fall back into their prior ranges. The weakness was felt mostly by cyclicals. Large-cap indexes such as the Nasdaq and S&P 500 were largely unaffected and are still at highs. But on balance, the bears scored some points this week by pushing prices back below key levels. The chart below is an excellent depiction of the current state of markets. Some stocks, such as mid-caps, are still above their year-to-date highs and their breakouts are intact. Meanwhile, other stocks and indexes — like the Small-Cap Russell 2000 (upper pane), just printed failed breakouts and are now trapped beneath significant former resistance.
[PLUS] Weekly Momentum Report & Takeaways
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.
New All-time highs
[Video] Pardon The Price Action w/ JC Parets & Steve Strazza | Fails Or Retests [11-19-21]
On this episode of Pardon The Price Action, we talk about whether these are all retests or failed breakouts.
That’s the big question.
Full video below or Listen to the podcast version.
With Oil testing 76, Financials and Industrials retesting former highs, small-caps and even Bitcoin near critical levels, we want to know if this is just a pause, or the beginning of the end.
All this and so much more on the latest episode Pardon the Price Action!
Saturday Morning Chartoons: Breakouts & Retests? Or Do We Fail?
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.
The Hall of Famers (11-19-2021)
From the desk of Steve Strazza @Sstrazza
Our Hall of Famers list is composed of the 100 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 100 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.
Is It Time to Power Down?
From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley
We’ve pounded the table on the weakness in energy these past few days, so why stop now? When we find ourselves hammering the same topic time and again, there’s usually a very good reason.
As far as energy goes, there’s been a lot of damage done to the space this week.
Breadth fell off a cliff and was not supporting the new highs for energy stocks.
The relative trends have gotten clobbered, as energy has been among the worst-performing sectors over the near term.
And, just today, we’re seeing failed breakouts in energy sector ETFs across the board.
Since we’ve already written about these themes, let’s dive in and see what energy futures themselves have to say about the situation.
Are futures resilient despite these bearish developments?
Or are there cautionary signs in the commodities market that are confirming the weakness in the stock market?
Let’s find out. [Read more…]
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