From the desk of Steve Strazza @Sstrazza

Our Top 10 Charts Report was just published.

In this weekly note, we highlight 10 of the most important charts or themes we're currently seeing in asset classes around the world.

Losing Value

Markets have been selling off indiscriminately since last week. Even the strongest stocks are under pressure as we're seeing more and more indexes resolve lower from distribution patterns and violate critical support levels. An excellent example of this is the small cap value ETF (IWN). IWN has successfully defended its range lows for the past several months as its peers have broken down. Now that it has resolved to the downside too, we can add it to our growing list of completed tops. If the strongest can't survive and hold their levels, what does that say about the rest of the market? Long story short, this action is not bullish.

Another week and more elevated fears in the marketplace. The Nasdaq QQQ's breached the 300 level intraday today and that's got everyone chirping --- and for good reason.

Of course, the contrarian bird sitting on my shoulder has been uttering the phrase: "the wider the rubber band is stretched, the harder the snap back!"

Now, I'm not going out on a limb and declaring that the bottom for stocks is in and we rally from here. But I do like the odds of a viscous snap back rally materializing at some point this week. And if something like that were to come to pass, I want to be in names that have held up the best in this tape.

Today's trade is one such name.

I was talking to some people this morning about how you can technically say that Bitcoin is still in a structural bull market.

It really depends on your time horizon.

Because when you zoom out, the past year has been really messy. It looks like a big giant consolidation.

This can either be massive distribution and a major top, or it can be a consolidation within an ongoing uptrend.

Here's how I see it.

We retired our "Five Bull Market Barometers" in 2020 to make room for a new weekly post that's focused on the three most important charts for the week ahead.

This is that post, so let's jump into this week's edition.

The next new trade in our Paid-to-Play portfolio is:

Warren Buffett’s Berkshire Hathaway $BRK.A revealed more buying in Occidental Petroleum $OXY late last week.

In its latest 13G, the company reported a 21.6% ownership stake, which is roughly double its initial investment from earlier in the year.

As we progress into Q1 of Fiscal Year 2022-2023, this playbook outlines our thoughts on every asset class and our plan to profit.

This playbook will cover our macro view, touching on Equities, Commodities, Currencies, and Rates, as well as outline our views on the major nifty indices and the sector/thematic indices.

We also cover individual stocks we want to be buying to take advantage of the themes discussed in the playbook.

It's easy to get lost in the day to day noise of the market.

We're human.

Don't be too hard on yourself.

Understand that it's who we are.

Now, accepting that as a natural fault that we all have is step #1 to recovery.

There are steps we can put into place to help us overcome these emotions.

This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.

We get to talk to a lot of traders and investors every single day. I like to listen.

In the first chart, we have what seems to be the consensus view. Investors fear that we're going to complete this top in the S&P500 sending prices down even lower.

Do you agree? We break 4100 and down we go?

Or could it be like the second chart, and all this support holds?

This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.

From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley

A few weeks ago, we pointed out widening crack spreads and what they meant for oil refining stocks. You can read more here, as we explain how wider crack spreads support higher prices for this particular area of the market.

Three weeks later, crack spreads have widened to their highest level in more than a decade.

This post is not about crack spreads, though. It’s about energy and how everything in the space is working these days. 

Bullish rotation continues to be the theme for energy.

This week, gasoline was the standout, booking a 10% gain and breaking out of a massive base to new all-time highs.

Let’s take a look at the breakout in gasoline futures and discuss what it means for crude oil.

Here’s a chart of gasoline futures:

Gasoline futures have consolidated just below a key extension level...