After TLT hit Pete’s downside target, it had a violent move higher. On this week’s edition of StockCharts TV‘s Halftime, Pete illustrates that the recent rally might be weakening.
A look at WTIC crude shows a pullback right on the level Pete uses as a pivot point, and the $75 mark is a brick wall on the downside. If it breaks, WTIC most likely trades into the “White House Buy Zone” Pete called out over a year ago. The review of recent analysts calls has him wondering what the big firms are seeing in FSLR, RIVN, DIS, and CSIQ.
To close out the show, Pete reviews the number of relative strength buys versus the number of RS Sells. It is no contest; the sell outweighs the buys by 14 times. That is 14 times more names on the sell side than the buy side, and that shows the market is weak technically.
You can view all previously recorded episodes of Halftime by Chaikin Analytics with Pete Carmasino at this link.