The chart below is the one I'm watching the closest.
You guys have been hearing me pound the table about the US Dollar and what a hard time stocks and crypto will (continue to) have in a stronger Dollar environment.
So here you have it. This is the Emerging Markets ETF $CEW back to the same level where it bottomed out the only 2 other times it was ever down here:
If you've been following along over the years, you've heard me mention plenty of times that breadth thrusts tend to cluster together early on in market uptrends.
Well, a funny thing happened yesterday - we had our first 9-to-1 up volume day on the NYSE since May.
To quote Willie, "Stringing 2 of these together without an intervening 9-to-1 down day would be a very positive development".
We've been in a Bear Market since February of 2021 when stocks peaked. Since then it's been a slow deterioration ultimately hitting almost every sector, with some areas just getting absolutely destroyed.
But just to keep it simple, the bottom line is we're below overhead supply in almost every case. There are exceptions, but I think the S&P500 shows what's really going on for the average and median stock or sector.
When you look at as many charts as I do, you quickly start to notice when certain charts just don't look like most of the others.
Healthcare is one of those.
We discussed it all on this week's Live Conference Call. Premium Members click here to watch and download the slides.
And if you're not a Premium Member yet, just give us a call and we'll set you up: (323) 421-7910
The Healthcare conversation we're having is a really important one. Notice how with S&Ps, Nasdaq and other major indexes breaking down and completing tops, Healthcare has just traded sideways.