TTG Market Observations & Charts 02-13-23
Quick observations
- Breadth stronger today
- Bonds TLT +0.4%
- US Dollar -0.3%
- VIX +0.1% 20.6
- Crude +0.4% Nat Gas -1.6%
- Bitcoin -1.2% Ether -3.7%
Bottom Line: Bonds are bouncing a touch TLT +0.4% after last week’s selloff (TLT -3.1%) and the Dollar is 0.3% so a bit of “Risk on” for the day. In Equities, support held where it needed to in the SPX (see charts of S&P futures below $ES_F) and the 80% bullish rule is now in effect for the week. Note, all eyes will be on tomorrow’s CPI report where the exp / survey is +0.5%.
Market Breadth Indicator
% change from open
over $5B market cap company movers (via Bloomberg)
Charts
$ES_F S&P futures Daily & 1hr charts:
Daily chart - after that VPOC take out (red line) on 2/2 the market has been in digestion mode and gave back some beginning of months gain. Price found the top of Feb Value Area support 4071 and is bouncing.
1hr chart - The bullish 80% rule is in effect, as price rallied through the bottom of value and the top of value is 4168 which would complete the 80% rule.
3 Sectors / Indices I am watching
OIH Oil Services ETF
Oil Services are trying to break out of its Feb Value Area , watch $329.9. Note SLB and HAL are ~30% of this ETF.
XSD Semis ETF
Also holding in nicely after a VPOC takeout back on 2/1. I like a long here vs Feb top of value area support $197
DIA - DJIA ETF
After a couple months of digestion and tight price action in Feb, I am watching for a decisive close above its Feb Value Area, 340.54 to initiate a long position.
TTG Weekend Watchlist updated
In addition to watchlist, 2 other charts I added (other charts are in TTG Trading Room)
SANM - Sanmina Co
Off of the TTG strong earnings list, SANM making a nice bounce & go on top of Feb Value Area support
ACMR - ACM Reserach, Inc
ACM Research, Inc. develops wet processing technology. The Company produces equipment for a range of applications in integrated circuits and wafer level packaging, as well as offers coating, developer, wet stripping, scrubber, and plating systems. ACM Research serves customers worldwide.
- Breaking thru the 200d MA today
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