Weekly Macro Analysis 27.04.24

Are the bulls back?

Apr 27, 2024

Conclusion:

This week was bullish no doubt, but it was not enough to turn my longterm risk signals, although it did turn my short term ones. With my Weekly Macro Score in the middle of the range, I can now start looking at potential opportunites.

Stocks, that held up well in this correction and showed relative strength against the indices.

However, I am still not convinced we saw the low, I think this is just a dead cat bounce until proven otherwise. In this correction we saw massive selling and broken support. We have not reclaimed those levels yet by the leaders of the bull market: NVDA, META, SMCI, AMZN, MSFT…

Yes we saw a breakout in GOOG, but it was never a leader in this bull market, and I am mostly seeing retracements into resistance by the indices as well as the former leaders.

Macro opportunities:

UK100 Breakout to ATH