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Strategies & Market Trends : Point and Figure Charting

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To: Ditchdigger who wrote (34382)8/22/2022 4:36:03 PM
From: J.B.C.   of 34405
 


Observations:

    Markets took a notable breather, causing the S&P 500 to snap its four-week winning streak as did the Nasdaq Composite.

    The exhale appears healthy given the near-term frothiness. For example, the S&P 500 and Nasdaq each posted 70%+ readings on their weekly distribution curves for the first time since November of 2021.

    Furthermore, the S&P 500 Index Funds group ranked in the 95th percentile against 135+ other groups for the first time since January, suggesting a domineering technical profile.

    Also on our group scores page, the consumer discretionary average score has not overtaken consumer staples; in fact, the divergence between the two has widened. Note this is not usual for a material market recovery.

    Something to watch outside equities is the US Treasury 10 YR Yield Index as it rose to give a fourth consecutive buy signal and reenter a positive trend at 2.975% last week.



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