The Pressure  Increases

The Pressure

Take-Aways: The pressure on the bulls continues to mount across asset classes. In the U.S. equity market, all eyes will be on the June lows. Should they be broken, odds favor a trip to the levels that were seen prior to the COVID crash. The 10-Year Note remains under...
Slightly  More Bearish

More Bearish

Take-Aways: The trends for the key themes and relationships that we track have become slightly more bearish over the past week. Of note, Semiconductors are on the verge of testing important relative support, and a breakdown would not be a welcome development for...
A Bearish Trend  with Bearish Breadth

A Bearish Trend
with Bearish Breadth

Take-Aways Breadth metrics were weaker over the past week of trading. All Advance/Decline Lines are below their respective 50-day moving averages, and new lows on the NYSE are beginning to reverse their downtrend from June. Twenty-day data is nearing washed-out levels...
The Ten-Year Note  Breaks Its June Lows

The Ten-Year Note
Breaks Its June Lows

Take-Aways The major indexes in the U.S. remain below their 50 and 200-day moving averages. If this remains the case, there are higher odds that stocks will follow the 10-Year Note in testing/breaking the June lows. This idea is strengthened by the fact that...
Many Sectors Could See  Their June Lows

Many Sectors Could See
Their June Lows

Take-Aways: Once again, we find it hard to make a compelling bullish case for the market, given sector trends. For investors who must have equity exposure, Energy and Utilities remain leadership. Discretionary and Financials continue to improve and warrant some extra...