Pristine Market Analysis & Watchlist 10/23

Bill Ackman Moves Bond Market - Bitcoin Soars!

Team,

Could Bill Ackman have put a top in bond yields? More on this topic and the positive divergences for risk assets below! HAGE 🍻

-Andrew

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News/Economic Data

No significant economic releases this morning, but we did get some market moving headlines!

Like clockwork, the TLT ETF rallied hard immediately after Bill Ackman’s tweet.

Hourly Chart

Long-Term Treasuries

The week is still young, but treasury futures are off to a good start👇

Weekly Chart

We could see significant upside convexity in bonds given the cracks emerging in the consumer 👇

And the positioning in bonds👇

Via The Market Ear

FX Market

The dollar index cascaded decisively below the white trend channel, which is a POSITIVE DIVERGENCE for risk assets ✔️

Energy

Crude oil rejected out of the monthly value area and is trading at $86/barrel. A tame energy market is another BULLISH DIVERGENCE 🐂

Equity Dashboard

Equities finished with only 29.0% advancers. Volatility DECLINED ✔️

Equity Index October Performance

0 out of 4 tracked indices are in positive territory MTD. The IWM small cap underperformance is extreme. Barring the end of the world, looking for a bounce in small caps.

Index Price Cycle Monitor

Indices are trading below their short-term moving averages 👇

In the following sections of tonight’s update, I’ll cover my research in preparation for tomorrow’s trading session

✅ Trend Model Update - Our proprietary indicator that informs us on how aggressive/defensive to position in the market

✅Market Strategy - My trading plan

✅ Today’s Trade Blotter and Position Update

✅Daily Watchlist - We scan thousands of stocks and hand-pick the best reward/risk opportunities