Big View Summary For December 31, 2023 -

Big View Summary For December 31, 2023

Dec 31, 2023Jeremy ParkinsonFinance, No picture0

Risk On

Markets were relatively unchanged over the last week but were all strongly positive on the year. (+)

Russel 2000 closed above the $200 level but needs to hold this level (+)

Home Builders, Semis, and Consumer Discretionary all were strong, while Consumer staples, Energy, and Utilities were down on the year, an overall risk-on rotation for the market. (+)

Foreign markets bounced off long-term support levels, led by Asia (Taiwan, Singapore, Vietnam) (+)

Growth continues to lead Value – Risk on (+)

52-Week new high new low ratio is positively stacked and sloped around highs (+)

Volatility Ratio remains positive around the 1.3 level (+)

Commodities giving a mixed signal with soft commodities and oil under pressure. Distribution phase in both aggs and oil, indicating at least a temporary easing in inflation (+)

Neutral

Considering the holiday week, volume backed off but overall looks neutral (=)

Risk gauge remains neutral (=)

Looking at small caps, mid caps, and the DOW, all holding 10-DMA and need to hold for strength of market to stay intact. (=)

Longer-term uptrends remain intact though sitting right at 10-DMA in most of the modern family, which threatens a deeper correction if it can’t hold on a short-term basis. (=)

Gold closed near all-time highs, bucking the trend in the other commodities. (=)

Risk Off

McClellan Oscillator sitting around mid-point. Any further breakdown could be first sell signal since mid-October (=)

Stocks above moving averages remain elevated at extreme levels and on a shorter-term basis, markets look a little under pressure (-)

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