Every weekend, I review hundreds if not thousands of charts across U.S. indices, global markets, breadth, sentiment, and intermarket relationships.
And now I’m opening up my stalk list.
The names that stood out the most from my review.
This week’s theme: The Grocery Store
I ripped through all 500+ stocks in the S&P 500 this morning, looking for a common thread.
Right now, the market feels like walking through a grocery store.
Healthy uptrends in one aisle, unhealthy downtrends in another, and plenty of “in-between” setups stacked on the shelves.
That fits the backdrop: consolidations in some leaders and some divergences in breadth.
The market’s still strong, just not running as hot.
This isn’t bearish. It just means I’m being more selective, letting the tape tell me when to restock the cart.
Let’s get into it.
$QQQE – Nasdaq 100 (Equal Weight)
This chart sums up what I’m seeing in a lot of individual names, a solid rebound from last week’s dip but the follow-through ran out of gas.
Levels to Watch:
Holding above $97 is key. RSI hovering under 50 highlights momentum is cooling, so bulls need a push to keep control.
$QQQ vs. $QQQE - Stock Market vs. Market of Stocks
Nothing captures the current market better.
$QQQ (cap-weighted) keeps cruising, but $QQQE (equal-weighted) is losing steam. Under the surface, the grocery store shelves are getting restocked with more mixed trends than fresh breakouts.
Financials and even Industrials look a lot like $QQQE. Healthy trend but a bearish momentum divergence leading a retest of prior support. This is a pretty standard pullback at the moment, but one I'm stalking as the implications of financials is important to the broader market.
Levels to Watch:
This $50 area is big. I don't like seeing momentum slip under 50 on RSI - bulls may need a cup of coffee from aisle six.
$AAPL – Apple
Apple alone is responsible for a big chunk of the gap between market-cap and equal-weight performance right now.
This is one of the “premium items” in the cart driving the cap-weighted index higher while the rest of the store looks more mixed.
A clean retest of the April AVWAP low turned into a launch pad, sending price ripping back above the 200-day.
Levels to Watch:
As long as price holds above the 200-day, the turnaround story stays intact. That’s my line in the sand for risk management.
$CBRE – CBRE Group
A beautiful earnings gap followed by a tight consolidation, I love these type of setups in a "boring" space like real estate.
Levels to Watch:
Breakout above this range is the trigger, no need to touch it until then.
$IBIT – iShares Bitcoin Trust
Still coiling after a strong run.
Levels to Watch:
A breakout higher adds to exposure. A breakdown? I’ll look to buy strength out of the pullback.
Bonus Charts That Caught My Eye - Update
A quick follow-up on a few charts from last week. They’re still relevant and, so far, continue to support the idea that we’re in a healthy consolidation phase for the “market of stocks.”
The VIX just had its biggest up day since the April tariff tantrum. But here’s the thing, volatility tends to mean revert. It doesn’t usually stay above 20 for long unless something’s breaking.
Levels to Watch:
If we can get back under 20 quickly, that likely means buyers stepped into the weakness above and most of the pullback is already in the rearview.
VIX - Updated
Last week’s call for a move under 20 played out, giving the market breathing room to drift higher.
$ITB / $XHB – The Homies
Homebuilders continue to look constructive. This sector carries major macro weight related to rates, inflation, and consumer demand.
Levels to Watch:
I'm already long this space so I’m just watching for higher highs, higher lows, and RSI staying above 50. That’s the signature of a healthy uptrend forming.
$ITB / $XHB – The Homies - Updated
It’s tough to lean bearish when homebuilders keep laying bricks on this base.
My Two Cents
This is still a Bull Market. It’s just a little more selective.
Shorts are starting to work again, breakouts are retesting, and leadership is narrower.
That’s not BAD news — it’s just THE news.
Often times in Bull Markets the brakes aren’t for stopping, they’re simply for loading up on more gas.
This stalk list will help let us know when we can press the gas again.
