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Breadth Metrics are Bent, Not Broken,
as Equities Pull Back
Breadth Weakens as Equities Pullback, Short-Term Metrics Not Yet at Washed Out Levels while Long-Term Indicators Remain Strong.
Gold Stocks Glitter Despite
a Pause for Broader Equity Averages
Small Caps are Breaking their Relative Uptrend, while the NASDAQ Completes a Topping Process vs. the S&P 500.
Technology’s Weakness
Extends Beyond the Largest Stocks
Technology Completes its Relative Topping Pattern While Weakness Extends Beyond the Largest Names; Equal Weight Tech Breaks…
US Stocks, Global Stocks & Commodities…
Up and Out!
The relative underperformance of the NASDAQ is on the verge of turning decidedly bearish while Small Caps begin to reassert leadership.
Risk Seeking
over Risk Aversion
The ratios of Copper to Gold and Lumber to Gold provide an intermarket confirmation of the higher risk appetite on the part of investors.
Financials are More than Banks;
Insurance is Making a Relative Turn
Breadth metrics for the S&P 500, NYSE and S&P 600 have weakened slightly in the near-term but remain supportive of the bullish equity trends.
Short Circuit:
Semiconductors Break Down
A relative breakdown for Semiconductors, along with a shift in momentum, will likely be a headwind for the NASDAQ and Tech…
Leadership
Begins to Emerge
Materials and Financials remain in an absolute uptrend, while Technology and Discretionary continue to fade on a…
The Pauses
that Refresh?
Equities, in the U.S. and abroad, remain in consolidation mode. The S&P 500 has made no progress, on a closing basis, for…
Copper vs Gold:
A Breakout Would be a Big Deal
The copper/gold ratio is arguably one of the most important relationships to watch in the market right now.
Breadth is Not the
Place to Start a Bear Case
Breadth metrics continue to support the bullish trend in equities as participation remains broad. Leadership may be widening as well.
A Big Breakout
in a Key Industry
The S&P 500 Air Freight & Logistics Index gapped to a new high with a momentum confirmation. Sentiment is becoming…
Still Searching
For Clear Leadership
Absolute trends are fairly clear, most are up and to the right, confirming the bullish trend for the broader equity market.
Equity Weakness
Was Bought
Equities stalled just below record highs last week. Looking at the performance numbers on the week doesn’t paint a clear picture…
Shifts Between
Risk-On and Risk-Off
From a risk-on/risk-off perspective, the trends are showing signs of a subtle shift toward risk-off taking place.
Is Gold Regaining
its Shine?
The S&P 500 Gold Index is attempting to reverse trend on an absolute basis while breadth metrics remain constructive.
S&P 500 Rests
After a Record Run
Equities in the U.S. are taking a break to start the week. Small caps and the Nasdaq remain in consolidations.
Absolute Highs
but a Relative Mess
Another record high week for the S&P 500 and Nasdaq 100 while the US dollar continues to fade below resistance.
New High
for the Nasdaq 100
Another record high week for the S&P 500 and Nasdaq 100 while the US dollar continues to fade below resistance.
Does Copper Have the
Answer to the Leadership Question?
Trends continue to point to a willingness on the part of investors to take on risk, but what will lead? Small vs Large or Growth vs Value?
Can Breadth Be
Too Strong?
Breadth metrics for the S&P 500 and the NYSE remain healthy. For the S&P 500, trend measures have reached levels that are not…
S&P 500 Reaches
Overbought Levels
Under the surface, there is a potential shift in leadership as small caps are breaking relative support. At the same time, the Nasdaq…
Looking for Clear
Sector Leadership
Equities started the week by not doing much of anything, with the three major averages trading mostly flat on low volume.
Is Large Cap Growth
On the Comeback Trail?
U.S. equities remain in an uptrend from the March 2020 lows. Small caps continue to consolidate…a pause that refreshes?
Risk on!
But Where Will the Leadership Be?
With the S&P 500 trading at record levels, we look at some of the important relationships that can give us a sense of the…
Strong Breadth
at Record Highs
Breadth metrics in the equity market remains supportive of the bullish price trend in the near term for the S&P 500, which traded to…
Europe: On the
Brink of a Breakout
Much of the weakness in the “growth stocks” and the Technology Sector since the middle of February has been concentrated in that…
All Eyes on the
Technology Sector
Much of the weakness in the “growth stocks” and the Technology Sector since the middle of February has been concentrated in that…
The Uptrend
Continues
The uptrend from the March lows remains in place for risk assets with the S&P 500 trading to a new record weekly high while global equities…