As the market tries to build on higher lows, the composition of the market strength is changing. The real issue is that each pullback has fewer industries able to reach prior highs. But one area holding up well is financials and the charts are just breaking out in many cases. They look good!
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Website: https://GregSchnell.com
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Blog: https://stockcharts.com/articles/canada/
Greg works through sorting a ChartList and changing the charts to reflect the current environment. Within the Nasdaq 100, there have been some big out-performers. Here's how to find them, look at them and get some ideas for chart settings to help show the change.
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During the recent pullback, I have received calls asking if I would buy a stock that was down 40%. I explained that watching for relative strength during a pullback is important. Greg works through some of the reasons he is looking towards a couple of specific industry groups right now.
The markets have been showing underlying weakness since early November, but the S&P 500 logged a new high to start the year. That means you have to lean bullish when you are hitting new highs. However the Nasdaq did not make new highs and tech names have been selling down since the start of t...
