Weekly Notebooks - Week 39
A brief note on my thoughts and important levels going into next week
Hi friends, thank you for the support and feedback and I hope you enjoy the notebooks for this week!!
Download DotPoint Weekly Notebook: https://bit.ly/3hKBP4G
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:
Once again XLB caught my attention with another green week gaining 1.00% and closing at a new weekly all-time high. 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. If you like charts, go check out the relative strength of XLB vs S&P500... Breakout!
Want to see another relative strength breakout then have a look at XLI! XLI gained 1.51% this week and continues to hold above its 78.6% Fib level, if XLI continues to hold above this level, I can’t be bearish.
This sector doesn’t often make the ‘Not so Hot’ section but XLK has had its third red week dropping -1.06% this week. But as long as prices are above the key level of 110 on a daily closing basis, then this breakout is intact, and it can look for further upside.
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 -2.42% Year to Date
On average the 11 sectors are 15.44% from their all-time highs
On average the 11 sectors are 13.56% 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? ha! energy! ha!
If you have any questions about this notebook, please feel free to contact me on twitter:Â @granthawkridge
Download DotPoint Weekly Notebook: https://bit.ly/3hKBP4G
Download MM Notebook:Â https://bit.ly/32JDx1Z
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: It surely was a mixed week of movements, however, I continue to be bullish on the market as my levels are holding!:
Bullish: 12
Neutral: 9
Bearish: 2
It is worth mentioning again these levels are subject to change when the price/data changes... so yes, tomorrow they might be different!Â
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:Â https://bit.ly/32JDx1Z
Some other charts I posted during the week:
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
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