Key Intermarket Levels

A quick tour of charts I’m watching across all asset classes.

Broad Equities

Both the Nasdaq-100 and Russell-2000 have been consolidating for the past 3 months. Keep an eye for a potential breakout.

Last week, the Nasdaq made a breakout on it’s cumulative advance-decline line.

For more on stocks, specifically tech, please see my post from earlier this week here.

Inflation and Bond Yields

RINF (30-year breakeven inflation) broke out of a major base a few months ago. A continued rise in inflation would benefit commodities and put downside pressure on the US dollar.

TNX, Monthly (10-year US Treasury Bond Yield). Similar to inflation, bond yields broke through major resistance a few months ago.

TNX, Weekly. Keep an eye for a breakout either way.

Currencies

US Dollar Index, Weekly. If inflation continues to rise, likely this support gives way on the dollar.

Last week I wrote a post covering 6-major global currencies. Currencies such as CAD, AUD, CHF, EUR are all forming multi-year bases. See here.

Energy

Uranium and Oil ETF’s have taken over the asset/sector leadership board:

WTI Crude, Weekly. Breakout in progress.

CNQ, Weekly. This blended Canadian Oil & Gas company has broken out of a multi-year base.

URNM, Weekly. A momentum leader that is lifting off after retesting a breakout.

Precious Metals

XAU, Weekly. The gold/silver miners index is breaking out of a 1-year consolidation after coming out of an even larger base before that.

SPPP, Weekly. Platinum & Palladium are retesting a 1-year base breakout. This level must hold for the PM’s space.

Weed

MJ, Weekly. 3-month consolidation. With risk appetite returning strongly this week, this sector could get going off support.

Crypto

Recently, over the course of just 2 weeks, Bitcoin fell roughly 50% with some alts falling over 70%. But have a look at where the puck stopped.

Been seeing everyone declare that the "crypto bubble has burst." I think not.

Summary

Virtually all areas of the market are either on key support or on the verge of breaking out. I’m bullish on a lot of different sectors and hold a variety in my own portfolio. Which one do I think does best?


Important DisclaimerThis blog is for educational purposes only. I am not a financial advisor and nothing I post is investment advice. The securities I discuss are considered highly risky so do your own due diligence.