Markets and sectors – Technical Analysis with Greg Schnell

I’m thrilled to present this interview with highly regarded Canadian Technical Analyst Greg Schnell, of Osprey Strategic. In it, you’ll hear Greg’s thoughts on the markets, and his comments on various sectors that you should be watching. I know you will enjoy this interview!

Click here to access the interview:

 

 

INTERVIEW WITH GREG SCHNELL : The Canadian Technician!

6 Comments

  • Currently the consensus view is that this is a really that’s based on a few stocks. everyone is saying that. Often the view of the majority is wrong. Russell 2000 is breaking out which may indicate more smaller companies are starting to participate.

    Reply
    • Dave–the Russell 2000 is NOT breaking out. It is moving in a range bound rectangle, and has just recently bounced off the (near) bottom of that range. Top of the range is very, very well defined (aka big resistance) –if we look at IWM (ETF) that’s around $190-195. The ETF (and index) has failed there many times, and sure, it could break out. But at the moment, it is simply a regression trade. When it breaks out I will become more enthusiastic.
      As for the crowd – its mainly us TA’s that are talking about breadth. And, as Greg shows (as does my work)–you need participation to make a true lasting breakout and bull happen–albeit an original move can be from a concentrated group.

      Reply
  • I was talking about the smaller breakout range from March regarding the iwm. True it’s still withing the bigger range but looks to be targeting the 200 too.
    Regardless I still maintain that everyone not just technical people are saying the rally will fail because it’s being led by a small number of AI stocks. This may turn out to be true. But the market can often turn those widely held views to be wrong.

    Reply
    • Absolutely Dave-I understand your statement re the Russell-I know you are an observant guy after many years of reading your intelligent comments, so no offence intended. Yes, the IWM has a lid and I wonder if it will crack. Meanwhile it is moving well, and that is encouraging– It would be good if it did crack the lid.
      Re breadth–note that in my observations in the Bear-o-meter where I acknowledge breadth is improving. That is not lost on me. As described in the blog, the only reason the meter didn’t gain a point for the potentially positive reversal (early as it is) in breadth is because now we are seeing early signs of sentiment complacency. FYI–one indicator not noted (because it didn’t officially trigger the level to assign a bearish point to the meter)–the VIX. It is very low. In fact, my trigger is 12…and it was 14.6 (to be exact) when I wrote the blog. Officially 14 is not a VIX trigger for the meter. But as you noted a while ago – in the past 2 years, levels of around 14 seem to lead into minor corrections at the least.
      Keep the comments coming, I appreciate the discourse (Benefit…As I am not a member of the Trudeau government, I will even address the hard questions)

      Reply
      • Hi Keith,
        Has the breadth indicator improved with this uptick above 4300 on the S&P 500?
        FOMO😂

        Reply
        • Good question–last week we began to see an uptick on the AD line, the TRAN (vs INDU) line, and others. Less so as we open today. Sectors like energy and materials that were overlooked began showing life. Its early yet. I know how you feel about FOMO. You are not alone–it sucks but I have to follow the discipline. And to be honest, if we get any further followthrough in breadth I will buy happily.

          Reply

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