[pcabc]

S&P500 versus Russell 3000

Breadth is unquestionally bearish.  Price [1] is showing a classic Stage 4 downtrend.  New highs - New lows are -ve [3] and the cummulative version of this is headed downward below its MA [4]/  The Weinstein and 1% A/D momentum lines have been negative for a while and headed downward [5 & 6].  % stocks over the 50 day EMA is below 30% on a downtrend [13] and the % above the 200 day EMA is at 30% again on a downtrend.  Silver and Gold Cross Indicies similar [14 & 15].  My personal aggregate  scores for medium and long term are as low as they can go [A & B].  I'd consider any short very short term trends as just noise at present.  To my eyes there is no indication of any strengthening.

[pcabc]

Gold versus Gold Miners

I suspect gold is pulling out of a pullback (I opened a position earlier this week).  However, the breadth of the miners is very weak, which ties in with me hitting my stop loss on a gold miners ETF recently.  I should not have bought it.
     

[pcabc]

Oil & Gas producers

We've had this pennant shape on the oil price for a while [1], it appears to be reluctantly breaking out on the positive side with recent higher highs and low, but not spectacularly.  Not that such a breakout is a good thing in a wider context.

There has been a pullback on the % stocks above their 20 and 50 day EMAs [11 & 12] and the Silver Cross Index [14] bit this has not been seen so much in the % stocks above the 200 day EMA [13] and Gold Cross Index [15].  Weinstein Momentum [5] is crossing up through the zero line and 1% A/D is a little above it, though the direction is unclear [6].

My aggregate long term score [B, grey] has not moved much during this pennant pattern, but the medium term score has [B, green] but has not gone significantly negative.  My supposition is that the oil and gas producers are still going to move upwards, but that is only supposition.
   

[pcabc]

Bitcoin v crypto

Bitcoin [1] seems to be hovering around 30000 - sometimes a little lower, sometimes a little higher.  Compared against a basket of cryptos breadth is horrid. If I imagine quite hard perhaps the price [1] and the A/D volume line [2] are matching, unlike the A/D line [2, red] which is diverging negatively.  But that is the only vaguely positive sign I could tease out, overall very bearish.
   

[isatrader]

Links to this weekends blog posts:

Stage Analysis Members Weekend Video – 22 May 2022 (1hr 18mins)

       

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Major Indexes Shakeout at the Lows in Stage 4 and the US Stocks Watchlist – 22 May 2022

   

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Market Breadth: Percentage of Stocks Above their 50 Day, 150 Day & 200 Day Moving Averages Combined

   

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US Stocks Industry Groups Relative Strength Rankings

       

[pcabc]

I've noticed a few strong upward moves looking toward coming out of pullbacks in US energy stocks today. However, not seen any with favorable volume.

[pcabc]

US Utilities

Some strengthening in utilities.  It looks like there is a long term rising trend superimposed with a 4 month cycle of peaks and troughs overlaid.
   

[pcabc]

Energy sector still generally strong

The only dissenting indicators seem to be the Silver Cross Index and the % stocks over the 200 day EMA.  The A/D line might diverge if the index drops back suddenly, but if it carried on upwards that gives the A/D line time to make a matching new high.