The Tape is bullish...

Deep dive!

I did a deep dive to get a better reading:

High beta industries are leading (flagged are Cyc’s or Tech):

57 of 65 higher beta industries right now are above the 30 weekly (!) moving average with a positive slope (slope going up). You know when that was the case the last time?

November 2020! And similar readings happened through drawdowns up to August 2021.

XLK behaving well:

Small cap value momentum behaving well:

High Beta (higher quality) behaving well:

SPY stocks with good earnings behaving well:

New highs new lows stayed constructive within the pullback:

Macro: Chinas reopening and (!) liquidity impulse is not yet in the data!

I could be totally wrong here and the day-to-day tape will lead me. But the more I look at the action, the more I think “hey it is possible that we saw the lows and this is a new bull market”.

Breakouts:

The whole pullback breakouts stayed constructive:

I also did a deep dive on breakouts, here is so far my best screen: