More importantly, they tend to occur in the early stages of new bull markets.Īfter falling for four straight months, the US dollar index $DXY has come back to life in recent weeks. These kinds of breadth thrusts tell us that buyers are becoming increasingly aggressive as prices advance. If you can remember, back then, it was a great time to buy stocks. This chart shows the highest percentage of NYSE stocks achieving overbought readings since spring 2020. ![]() When we look at how many stocks are seeing bullish momentum readings we are really analyzing the breadth of momentum for the broader market. Īnother way to measure market internals is by assessing the percentage of stocks overbought and oversold. The stock market continues to progress as we see an expansion in participation at the individual stock level.Įarlier in the month, the Russell 3000 $IWV saw more new 52-week highs than at any time over the trailing year. With that as our backdrop, let’s dive right in and discuss three of the most important charts and/or themes from this month’s call. ![]() This is easily one of our most valuable exercises as it forces us to put aside the day-to-day noise and simply examine markets from a “big-picture” point of view. Non-members can get a quick recap of the call simply by reading this post each month.īy focusing on long-term, monthly charts, the idea is to take a step back and put things into the context of their structural trends. Premium Members can access and rewatch it here. From the desk of Steve Strazza held our February Monthly Strategy Session last week.
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