Weekly Notebooks - Week 42
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 Notebook:Â https://bit.ly/33NseWI
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:
Materials were the strongest sector this week, gaining a massive 5.07% on the week. As long as prices stay above 61.50 on a daily closing basis, then this uptrend is intact, and it can look for further upside. If this upwards momentum continues, Materials might see new all-time highs next week.
Industrials also has a massive week gaining 3.99%. Industrials had been stuck going sideways the past two months; however, this week they broke decisively above resistance at 79, and as long as prices are above this level, then the bias appears higher towards its all-time highs.
Energy finally had a green week, gaining a massive 5.05%. However, Energy’s trend is still in a downwards direction, and I still think we will see a retest of its 2020 lows. There is nothing bullish about Energy's chart even with a huge up week.
Other fun facts:
10 of 11 sectors are above their 200-day moving average.
On average, the 11 sectors are 3.89% Month to Date.
On average, the 11 sectors are 1.00% Year to Date.
On average the 11 sectors are 12.41% from their all-time highs.
On average the 11 sectors are 10.68% from their 52-week highs.
Only 6 of 11 sectors are above their 2019 highs.
Only one 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 Notebook:Â https://bit.ly/33NseWI
Download MM Notebook:Â https://bit.ly/3k02axD
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: The bullish thesis gets stronger this week with now over 60% the data points are above my bullish levels:
Bullish: 14
Neutral: 7
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/3k02axD
Some other charts I posted during the week:
In case you missed my monthly notebooks, you can find them here:
Monthly Notebook - A brief note on my longer-term thoughts and important levels going into next month
The Monthly 30’s - A brief note on my thoughts and important levels for the top 30 stocks in the NASDAQ & the Dow Jones Industrial
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:Â @granthawkridge
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