From the desk of Tom Bruni @BruniCharting

As we head into year end there's a lot going on in markets, particularly on the macro and intermarket front.

With that being said, I gotta give the people what they want so today's Chart of The Week is going to focus on a trade setting up in one of 2019's most controversial stocks...Beyond Meat.

There's been lots of frustrating talk about companies with high share prices not splitting their stock. I tend to agree. While technically splitting shares of a stock doesn't do anything to enhance the value of your investment, it does help to provide greater liquidity for one to get into or out of a position quickly and at a fairer price.

But this is an argument for academics. We're just here to make money.

Perhaps you've seen JCs recently bullish post on Amazon $AMZN and you agree that you'd like to take a long position, but the high share price scares you?

When we talk about Equities, we need to think about them holistically as an asset class as opposed to simply focusing on the individual stock or sector or index we're looking at.

How quickly people forget what a beast Amazon has been for years. All it took was an 18-month consolidation for investors to fall out of love with one of the greatest stocks in American history.

The bet the bears are making is that Amazon has been lagging and dragging down the Consumer Discretionary sector, considering it's 22% weighting in the index $XLY. So if you believe this is a big market top, I understand why you would think Discretionaries are setting up for a big fall. I totally get that.

Here's the chart:

From the desk of Tom Bruni @BruniCharting

New Mystery Chart!

For those new to the exercise, we take a chart of interest and remove the x/y-axes and any other labels that would help identify it. The chart can be any security in any asset class on any timeframe on an absolute or relative basis. Maybe it's a custom index or inverted, who knows!

We do all this to put aside the biases we have associated with this specific security/the market and come to a conclusion based solely on price.

You can guess what it is if you must, but the real value comes from sharing what you would do right now. Buy, Sell, or Do Nothing?

Over the last few weeks, Equities in India have been dealing with a near-term "oops" that led to the corrective period prices are currently in.

With that in mind, there are stocks that have handled this correction with ease and look ready to head higher.

Mumbai is one of my favorite cities in the world. There is no question about it.

Last month I had the chance to take the boys out there for a week and show them why I love visiting there so much.

Here's a quick wrap up video about our experience:

People don't like it when I tell them we're near the beginning of a new bull market in stocks. For some reason, they prefer that cozy feeling of going to bed thinking stocks are near an important high, and they've somehow outsmarted the system by selling stocks in uptrends instead of buying them.

I'm convinced some of these people must be looking at their charts upside down.

Anyway, let's take a look at the markets so I can show you why I think we're closer to the beginning of a new bull market and not near the end of an old one:

Time to take charge!

The mobile payments space is hot. And some price targets for entry have been met. Let's get to work!

From the desk of Tom Bruni @BruniCharting

Mobile Payment stocks have been a key part of our focus on the Technology theme taking place across various sectors of the market.

Since the summer the space has cooled off a bit but is back at levels where it would make sense for the trend to reaccelerate to the upside.

Here's the Mobile Payments ETF vs S&P 500 ratio (IPAY/SPY) pulling back to trendline support. This looks like a normal pullback within a long-term uptrend, however, our concern is that momentum got oversold for the first time since mid-2016.

The strongest uptrends do not get oversold, but unfortunately, this one has so we need to watch if prices bounce from this level and resume their uptrend (preferably getting overbought once again) or if they roll over through support and make fresh lows.

Click on chart to enlarge view.

While we think the former situation is more likely, one way to mitigate our risk of being wrong...

From the desk of Tom Bruni @BruniCharting

Thank you to everyone who responded to this week's mystery chart.

Everyone was a seller of this one...and most thought it was an inverted chart, but it wasn't. Try again next week.

Anyway, let's take a look.