From the Desk of Steve Strazza @Sstrazza

We held our March Monthly Strategy Session Monday night. Premium Members can access and rewatch it here.

Non-members can get a quick recap of the call simply by reading this post each month.

By focusing on long-term, monthly charts, the idea is to take a step back and put things into the context of their structural trends. This is easily one of our most valuable exercises as it forces us to put aside the day-to-day noise and simply examine markets from a “big-picture” point of view.

With that as our backdrop, let’s dive right in and discuss three of the most important charts and/or themes from this month’s call.

This is the video recording of our March 4th Monthly Charts Live Strategy Session

One of the things we've been monitoring closely over the past month is the new lows list.

I see very often how people love to just subtract random numbers from each other, mostly for the sake of subtracting.

There's really no reason for it.

For example, lately I'm sure you've noticed some traders and analysts taking the new 52-week high list and then arbitrarily subtracting the number of new 52-week lows from it.

lol for what?

Market breadth can be a funny thing.

People think it's easy. People think they can just pull up some indicator and it's always going to tell them whether market breadth is good or bad.

But that's not how it works. Some indicators are more valuable in certain environments than others.

This is the video recording of our February 5th Monthly Charts Live Strategy Session

This is the video recording of our January 2nd Monthly Charts Live Strategy Session

This is the video recording of the December 2023 Mid-month Conference Call.

The bull market continues to last longer than most people have expected.

Some investors don't even realized that stocks have been in a bull market. They haven't bothered to look.

So while the glorified gossip columns are telling you that only 7 stocks are going up, we keep seeing broadening participation in stocks all over the world.

It's the exact opposite of weak breadth.

Look at the German DAX, for example, going out this week at a new all-time high:

Think about it. We were told there was a crisis.

We were promised a recession that could come at any minute.

Inflation was going to destroy the financial system.

Instead, European Banks are making new 52-week highs.

I'm old enough to remember when European Banks used to sell off during a crisis.

So if this is a bear market or some kind of credit event situation, investors sure have a funny way of showing it.

Everyone knows that it's a market of stocks.

Sometimes investors forget that there are 500+ stocks in the S&P500, 30 stocks in the DJ Industrial Avg and approximately 3000 stocks in the Russell3000.

This is all free and public information.

But still, investors forget, especially during times when it's most important to remember.

That's just human nature.

We take things for granted until we need them the most.

This quarter has been a prime example.

You see, while the S&P500 and other indexes were making new lows last month, the list of stocks making new lows had already peaked in early October.

We discussed the lack of new 52-week lows already.

But here's a closer look at the new 6-month lows on the NYSE, or lack thereof to be more specific:

This is the video recording of our November 1st Monthly Charts Live Strategy Session

This is the video recording of the October 2023 Mid-month Conference Call.