The Equally-weighted S&P500 is on pace to close the week at a new all-time high.

Based on the early trading in U.S. Markets, and the strength we're seeing in equities around the world, this looks like it's going to happen by the end of today.

Think about it like this: Mathematically it cannot be only 7 stocks going up if the Equally-weighted S&P500 is making new all-time highs.

It's just math.

And this really just speaks to the broadening participation across the market.

Just last month we saw the most amount of stocks hitting new 52-week highs that we've seen in years - on both the Nasdaq AND on the NYSE.

We also so the most amount of stocks on the NYSE that were above their 200 day moving average than at any point this entire bull market.

You cannot tell me that things are getting worse, if mathematically things just keep getting better.

And I preface with all this because when you zoom out, these mega-cap leaders are still drivers of this market.

They're just not the only ones.

But Nvidia is an absolute beast. This thing is now valued at $3 Trillion.

This is the perfect sort of market to look for relative strength.

When the tape is sideways and choppy, you want to see the first ones showing their heads above resistance levels and breaking higher. While it's not necessarily a great idea to buy those breakouts given their high likelihood to fail with everything else moving sideways, it is wise to simply note them down.

In the case of this week, MATIC stands out.

It climbed up two spots on our power rankings and the long-term setup is so well defined.

I think there's a good opportunity there.

Here's this week's crypto roundup. It's an opportunity for us to take a step back, set aside the distractions, and delve into the key charts shaping the crypto complex.

From the desk of Steve Strazza @sstrazza

For the first time in my career, I'm buying bonds.

It has less to do with positioning defensively and more to do with making a call on lower interest rates.

But what it really comes down to, more than anything, is the chart pattern.

Bond funds are completing bearish-to-bullish reversals for the first time in years. 

This is the same exact pattern we've gone back to time and again this cycle... and every cycle, really.

Rounding bottoms are some of the most reliable patterns we have as technicians.

And we're seeing them across the board in bond funds right now.

Let's dive in and talk about some of them.

Here's the US Aggregate Bond ETF $AGG: 

This fund holds treasury securities, corporate bonds, mortgage-backed securities, and municipal bonds. It is exactly what it sounds like. A diversified bond fund. It also offers investors a 3.4% yield.

The US Aggregate Bond ETF is pressing against the upper bounds of a multi-year accumulation pattern. With...

From the Desk of Steve Strazza @Sstrazza

We love our bottoms-up scans here at All Star Charts. We tend to get really creative when making new universes as we want to be sure they will deliver us the best opportunities the market has to offer.

However, when it comes to this one, it couldn't be any simpler!

With the goal of finding more bullish setups, we have decided to expand one of our favorite scans and broaden our regular coverage of the largest US stocks.

Welcome to The Junior Hall of Famers.

This scan is composed of the next 150 largest stocks by market cap, those that come after the top 150 and are thus covered by the Hall of Famers universe. Many of these names will someday graduate and join our original Hall Of Famers list. The idea here is to catch these big trends as early on as possible.

There is no need to overcomplicate things. Market cap is a quality filter at the end of the day. It only grows if price is rising. That's good enough for us.

The bottom line is it is a bull market. We want as many vehicles and options to express...

I briefly walked through how I want to be patient trading names in the short-term while focusing on relative strength.

While today's name isn't currently actionable, it is just a stone's throw from being so. And, it's both a relative leader as well as having the tailwind of smart money in behind it.

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Adjustment to XLK position.
3. Exited XME position.
4. Current status of open campaigns.

Let’s dig in!

If you're like me and you have a bullish long-term bias towards Bitcoin and other Crypto assets, then you're constantly looking for opportunities to get exposure.

But with equities in the middle of a bull market, we also don't want to be in something that isn't moving.

This is the time to make money. So we want to make sure we're in the things that can make us money NOW, not "one day hopefully in the future..."

Take a look at the price of Bitcoin still working on completing this multi-year base.

From the Desk of Steve Strazza @Sstrazza

When investing in the stock market, we always want to approach it as "a market of stocks."

Regardless of the environment, there are always stocks showing leadership and trending higher.

We may have to look harder to identify them depending on current market conditions. But there are always stocks that are going up.

The same can be said for weak stocks. Regardless of the environment, there are always stocks that are going down, too. 

We already have multiple scans focusing on stocks making all-time highs, such as Hall of Famers, Minor Leaguers, and the 2 to 100 Club.

We filter these universes for stocks that are exhibiting the best momentum and relative strength characteristics. 

Clearly, we spend a lot of time identifying and writing about leading stocks every week, via multiple reports.

Now, we're also highlighting lagging stocks on a recurring basis.

Welcome to the Short Report.

We...

The question we're asking ourselves today is a big one.

Is the US Dollar breaking down from a multi-year consolidation?

With the dollar rangebound all year, we haven’t experienced a trending currency market. 

When the dollar is trending higher or lower, we have a good idea of the impact it is likely to have on other markets.

However, when it is trendless, the dollar is neither a headwind nor a tailwind for risk assets.

We think that could be changing.

Here's a weekly line chart showing the U.S. Dollar Index making new year-to-date lows:

As you can see, the US dollar bears have taken control and resolved this multi-year consolidation to the downside.

Here's another way to look at it.

The index is trading at the lower bounds of a well-tested range. Notice the flat 200-day moving average, illustrating the sideways nature of the primary trend.

And notice momentum, hitting its lowest level...

This morning, the team was discussing a notable Board of Directors insider making a sizeable $5 million purchase of stock.

While an insider's buy isn't necessarily grounds for me to get interested in getting involved, it did catch our attention and after looking at the chart and the sector, it looks like a trade we'd like to get into--carefully.

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Adjustment to XLP position.
3. No exits since the last report.
4. Current status of open campaigns.

Let’s dig in!