In bear markets, you're going to find more stocks making new lows than new highs.

That's just basic math.

In bull markets, you'll see the opposite.

Here's what today looks like: 33 consecutive weeks of more stocks hitting new lows than new highs.

The market has work to do.

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.

This is a top, and price is below former support:

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.

We call this, "Relative Strength":

This might just be one of the most important charts in the entire world.

The resolution here is going to tell us a lot about the underlying trends for stocks.

This is the Euro STOXX 600, a broad measure of European equities, that I like to compare to the S&P1500. This is Europe's version:

We laid it out 2 weeks ago in our June mid-month conference call.

It was time to buy bonds.

And I think this simple chart really helps illustrate why.

We're looking at the 10yr Breakevens peaking months ago, along with our Equally-weighted Commodities Index also peaking around the same time.

All of this while Rates made one more new high:

The troubles don't stop coming for investors who were deceived into believing that gold was a hedge against inflation.

Gold is at the same price it was 2 years ago.

Heck, Gold is still at the same price it was 11 years ago.

Meanwhile, Silver is down 40% from that same point.

Inflation hedge?

Nothing could be further from the truth.

Look how gold and silver are doing relative to actual inflation hedges:

It would be irresponsible of me not to make Small-cap Value today's Chart of the Day.

I mean how can it not be?

(OK, Copper's biggest 1-day move since 2013 was a close 2nd)

But the new 6-week highs in $IWN, which represents Small-cap Value, just cannot be ignored!

If these guys are above their former support levels going all the way back to Q1 2021, then a short position in any of these things is a mistake:

A funny thing can happen when you don't have any exposure to Technology stocks....

And that's precisely what's taking place in the United Kingdom.

How many countries around the world are pushing up against new all-time highs?

From the desk of Steve Strazza @Sstrazza

The US Dollar Index $DXY is ripping to its highest level in 20 years today.

We just covered this dollar strength and what it means in our Currency Report, which you can read here.

We talk about the implications of a stronger dollar on risk assets, particularly stocks.

While this rally in the dollar is definitely not a good thing for stocks in the US or abroad, we see these intermarket relationships dislocate all the time.

Could stocks and the dollar rally higher together? Sure! Commodities and the dollar have already been doing this for several quarters now...

Let's talk about that quick.

This one has to be the Chart of the Day.

We're looking at the outperformance of Square vs Paypal.