In yesterday's note we talked about how the Dow Jones Industrial Average went up in price for the 2nd consecutive week. This isn't something we've seen happen too often in 2022.
But what else happened this week?
Well, we got fewer stocks making new 52-week lows on the NYSE. The peak in new lows was back in June, which was 4 months ago.
You can see it in shorter-time horizons as well. Look at the S&P500 new 63 day low list continuing to deteriorate (63 days = 3 months = 1 quarter):
From the desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts
We held our October 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.
