Today's Chart of the Day was a unanimous decision internally.

How can it not be this one???

Every single week in 2022 we've seen more stocks hitting new lows than stocks hitting new highs.

In bull markets we see the exact opposite of that.

Well, this week the bulls finally got it done. For the first time all year we saw more stocks hitting new highs than new lows.

It wasn't by much. But they pulled it off.

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.

Here’s this week’s list:

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.

The most significant insider transaction on today's list comes from a 13D filing by Jeff Ubben’s Value Act.

The hedge fund revealed an ownership stake of 6.70% in The New York Times Company $NYT.

We debuted a new scan recently which goes by the name- All Star Momentum.

All Star Momentum is a brand new scan that guides us towards the very best stocks in the market. We have incorporated our stock universe of Nifty 500 as the base this time around. Among the 500 stocks that we follow, this scan will pump out names that are most likely to outperform the market.

The largest insider buy on today’s list is a Form 4 filing by the executive chairman of Energy Transfer LP $ET, who revealed a purchase worth $12.6 million.

Director Matthew R. Cohler revealed an insider buy worth $991,484 in KKR & Co $KKR.

A downtrend consists of a series of lower lows and lower highs.

But the Dow Jones Industrial Average and Russell2000 Small-cap Index are both making higher highs.

That's, by definition, not a downtrend.

The title of yesterday's post was: "You can't be short".

I encourage you to give that a read.

And while that's happening over in the S&P500 and Ethereum, here's a good look at what's been happening in Growth:

From the Desk of Steve Strazza @Sstrazza

When investing in the stock market, we always want to approach it as “a market of stocks.”

Regardless of the environment, there are always stocks showing leadership and trending higher.

We may have to look harder to identify them depending on current market conditions. But there are always stocks that are going up.

The same can be said for weak stocks. Regardless of the environment, there are always stocks that are going down, too. 

We already have multiple scans focusing on stocks making all-time highs, such as Hall of Famers, Minor Leaguers, and the 2 to 100 Club.

We filter these universes for stocks that are exhibiting the best momentum and relative strength characteristics. 

Clearly, we spend a lot of time identifying and writing about leading stocks every week, via multiple reports.

Now, we’re also highlighting lagging stocks on a recurring basis.

Welcome to the Short Report.

This is the video recording of our August 10, 2022, Inside Scoop Weekly Strategy Session.

Was this just a bear market rally?

Or did we just see the initial thrust off the lows before a more sustainable move progresses into the end of the year?

That's a good question to be asking.

And while we don't ever actually know until after the fact anyway, we've set these 2 levels as clear lines in the sand for arguably two of the most important assets on the planet: The S&P500 and Ethereum.

The bottom line is this: If the S&P500 is above 4200 and Ethereum is above 1800 - YOU CANNOT BE SHORT.

George L. Ball, the chief financial officer at Parsons Corporation $PSN, filed a Form 4 revealing a purchase of 35,000 shares of PSN.

That’s equivalent to $1,452,500 worth of his company's stock.