Weekly Notebooks - Week 38
A brief note on my thoughts and important levels going into next week
Hi friends, if haven’t heard already, I got offered a great opportunity to help out the boys at @allstarcharts ( https://get.allstarcharts.com/ ) however, Jotting on Charts will be continuing!!! So thank you for the support and thank you once again for checking out my weekly notebooks!
Download DP Weekly Notebook: https://bit.ly/3mdOroc
Inside this notebook, you will find a short-term summary of my analysis of the top US indices and US sectors using technical analysis.
My observations from this week:
XLB was the strongest sector for the second consecutive week gaining 0.98%. As long as prices are above 61.50 on a daily closing basis, then this breakout is intact, and it can look for further upside.
XLI only dropped -0.30% this week. XLI is holding above its 78.6% Fib level again this week, If XLI can continue to hold above this level, I can’t be bearish.
XLE was the weakest sector for the second consecutive week falling -6.45%. XLE has broken below its key level of support which I have been talking about for weeks, will we now see a retest of its 2020 lows?
Other interesting fun facts:
7 of 11 sectors are above their 200-day moving average.
On average the 11 sectors are -2.81% Month to Date
On average the 11 sectors are -2.23% Year to Date
On average the 11 sectors are 15.17% from their all-time highs
On average the 11 sectors are 13.44% from their 52-week highs
Only 6 of 11 sectors are above their 2019 highs.
Only 1 sector is still below its 2018 lows. Can you guess who? haha!
If you have any questions about this notebook, please feel free to contact me on twitter: @granthawkridge
Download DP Weekly Notebook: https://bit.ly/3mdOroc
Download MM Notebook: https://bit.ly/2DWNcZo
Inside this notebook, you will find my significant price levels which in turn provides a base for my bullish, neutral or bearish thesis on the markets for the short-term future. It is worth mentioning these levels are subject to change when the price or any other data changes.
Bottom line: Another week of wild movements, however, I continue to be bullish on the market as my levels are holding!:
Bullish: 12
Neutral: 8
Bearish: 3
It is worth mentioning again these levels are subject to change when the price/data changes... so yes, tomorrow they might be different!
So, if you have a different thesis for the market, please share your ideas in the comment section or get in contact with me on Twitter: @granthawkridge. The stock market always has two sides to the story… buyers and sellers, and it’s okay to switch between the two when the price/data changes.
Download MM Notebook: https://bit.ly/2DWNcZo
Stay safe and good luck out there…
GH
p.s. These notebooks I share are a ‘work in progress’ so if you have any questions or feedback, please feel free to contact me on Twitter: @granthawkridge
DISCLAIMER: The information included in this report are obtained from sources which Jotting on Charts believes to be reliable, but we do not guarantee its accuracy. All of the information contained herein should be independently verified and confirmed. All opinions expressed by Jotting on Charts are for informational purposes only. Jotting on Charts is not a financial advisor, and this does not constitute investment advice nor any opinions expressed, constitute a solicitation of the purchase or sale of any securities or related financial instruments. Jotting on Charts is not responsible for any losses incurred from any use of this information. Do not trade with money you cannot afford to lose. It is recommended that you consult a qualified financial advisor before making any investment decisions.