5 Charts to Pay Close Attention to This Week
The Russell 2000
While the S&P 500, DJIA, and the NASDAQ fell below the September low last week, small caps or the Russell 2000 did manage to hold the line.
This is a small glimmer of hope for stocks and I'll be watching to see how the Russell 2000 trades early this week.
Along with small caps, financials are one of the few bright spots in the market as they continue to trade above the September low.
The US Dollar Index
The US dollar continues to work its way higher sucking the life out of stocks and assets in general.
However, the slope of the trend continues to steepen while relative strength (RSI) is making lower highs. Will this divergence eventually signal a top in the US Dollar index?
10 Year Yield
The 10 year yield is making new highs as the Federal Reserve looks to raise interest rates this week.
The market is expecting at least a 75 basis point increase on Wednesday.
The low interest rate gravy train is gone and rates continue to rise putting pressure on everything from mortgage rates to the cost of capital for companies.
Crude Oil WTI
I keep seeing a lot of bullish oil posts in my Twitter feed but the price is telling a different story.
After failing to hold above the 2021 highs ($85) oil is now testing another important area of support, the September low just above $80. Where does it go if if breaks below the line?
What do you think are the most important charts to pay attention to this week?
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Nothing in this blog post should be considered investment advice and is provided for educational and entertainment purposes only. The commentary and information represent the opinion of the author and are not recommendations to buy or sell any security or investment product. The author may or may not hold positions in the securities and investments mentioned. Full disclaimer here.