This tape is still constructive...

I know it sounds crazy, but from what I see, this is still constructive market action.

Hear me out.

Quality big caps look fine, this is still an uptrend!

Same with SPY stocks with good earnings developments:

High beta not looking bad too:

Small cap value momentum (this one has 47 Stocks!):

List of stocks of above strategy:

https://finance.yahoo.com/quotes/AMPG,ARC,ARL,BGSF,BWMN,CCLP,CEPU,CHCI,CLMB,CMCL,CMT,CODA,CVGI,CVU,DAIO,DPSI,DRCT,ENIC,EPSN,ESP,FLNT,GAMB,GHM,HHS,IBA,ICD,INTT,IRS,ITI,LIVE,LMB,MGIC,MIXT,MMMB,NOA,NSYS,PANL,PED,PNRG,RNGR,SCX,SDPI,SPOK,SSY,TAYD,UPXI,VTRU

(you can copy and past the above link to see the daily distribution).

So mid term indicators still tell me this is an uptrend.

The strategy I am long right now 110% long looks like this the last 3 Months:

This are the stocks in the above book (right now, rebalance is weekly!):

https://finance.yahoo.com/quotes/AKO.B,ARC,ARL,ASYS,BH,BWMN,CAAP,CAPL,CVGI,DAIO,ELMD,ESP,GHM,ICD,IMOS,INTT,IVAC,JAKK,JILL,LMB,MEC,NOA,NRP,OSG,PANL,PNRG,PXS,RAVE,REPX,RNGR,SIM,SPOK,SSTI,TRVG,USLM,VTRU,WLKP/view/v1

On the Industry Group level, what do we see?

The above list is sorted by 66 day momentum.

Semis are leading, further more Software, Internet Content and a ton of Cycs are leading.

Yes, breath is a weak spot:

But new lows, new highs look a hell of a lot different then during the last year, from wallstreetcourier.com:

All in all still constructive.

Also I see a lot of higher beta, higher quality names, that closed gaps of breakouts but still look constructive:

Yes, this is not a go-go market like we had in 2020. No!

But if you are selective, you can find strength in this market.

I need to see a lower low on small cap value momentum systems to change my mind, so far that is not the case. When that happens, I will put on protective shorts, but not yet.

The following stocks have good fundamentals and are technically strong (the list gets longer and longer!).