From the desk of Tom Bruni @BruniCharting

Last night was our Members-Only Conference Call where we discussed the major themes we're seeing across asset classes.

A big theme was the lack of direction within Equities and last month's failed breakout to new highs in the US as we "catch down" to some of the weakness we're seeing globally.

As a result, today I want to revisit an exercise I performed in late May when the environment was pretty similar to today...and that was to look for stocks with "big bases."

Todd Sohn is one of my favorite guys to talk to about the markets. He often sends me charts that no one else is looking at and points out important data that most people aren't talking about. His unique perspective on the market definitely makes him stand out from the rest. Todd and his team at Strategas do great work and it's a real pleasure to have him on the podcast. In this conversation we discuss the current environment for US Stocks, Interest Rates, Precious Metals and the sentiment driving current trends. He offers good advice for both new technicians and seasoned veterans. If you're at all interested in the market, this is an episode you can't miss. Enjoy!

In this Episode of Allstarcharts Weekly, Steve and I talk about the underperformance of European Stocks and the fact that it's their weighting in Financials that is, in part, dragging them lower. This has really become an interest rate story as Financials around the world are keeping other countries' markets from breaking out. The overwhelming exposure to Technology continues to keep the US winning relative to everyone else.

From the desk of Tom Bruni @BruniCharting

In early June we wrote a post titled "Canada Update" advocating for a patient approach towards Canadian Equities and outlining some well-defined reward/risk setups.

Since not a lot has changed at the TSX Composite or TSX 60 level, we want to take another look two months later to see what's developed under the surface and where there are opportunities to profit.

Tuesday's Mystery Chart received mixed responses, with some people buying this dip and others waiting to short a breakdown.

Now, let's look at the chart and its related theme.

We're below former resistance levels in all of the major US Indexes. While structurally, longer-term uptrends are still intact, there is short-term risk of price volatility and/or opportunity cost. This is where establishing your time horizon is important. We laid out important levels from an intermediate-term horizon earlier this week. I think we're in for more of a sideways mess than anything else for now.

Historic breakouts are rarely clean. Go back and look at the early 80s. If we are to resolve this 18-month range in US Indexes higher, with European Stocks also breaking out, I'd argue it's a historic market event. If that happens, a bumpy start would not be anything we haven't seen before at other important points in the past.

With that in mind, let's take today to focus on where we stand in momentum.

From the desk of Tom Bruni @BruniCharting

Cannabis stocks have been a bit of a disaster since late March, but let's take a look at what's happening and if there's a way to play it.

From the desk of Tom Bruni @BruniCharting

Wednesday morning I outlined the charts we were watching ahead of the Fed Decision and what we would need to see before getting out of the way and reevaluating our bullish Equities and US Interest Rates thesis.

Today I want to look at those same charts and note what's changed and how we're moving forward.

We've wanted to be erring on the long side of stocks if the major Indexes are above their 2018 highs. That has been the strategy for the second half of 2019. But what if we're not above those highs? Then what?