Welcome to the latest Weekly S&P500 #ChartStorm!
Learnings and conclusions from this week’s charts:
Stocks are seeing a bit of pre-Fed jitters.
Breadth has been steadily deteriorating across the board.
Correlations, corporate bonds, and volatility suggest caution.
Liquidity conditions are set to become a headwind for stocks.
Growth has peaked vs value, semis are stagnating (for now).
Overall, there is a distinct bearish hue to the charts this week as technical risk flags wave all around. As noted below though, there is a bullish way for this to resolve, but a few things need to happen…
1. Pre-Fed Jitters: stocks are getting a clear case of the pre-Fed jitters, with the S&P500 slipping (especially in equal-weighted terms).
