What a week for the global asset markets.

On Wednesday, the United States announced new tariffs against dozens of countries. This set off a wave of selling pressure, which appears to have no end in sight.

Silver is down nearly 15% this week...

Copper was down nearly 15% this week...

Lumber was down 13% this week...

The energy complex was down nearly 10% across the board this week...

Even Gold fell 2% this week.

It was quick. It was nasty. And it's not over.

For the bears out there, it's hard to find a better setup than Crude Oil futures.

Crude Oil futures have broken a confluence...

It sure is acting like it. I'm very impressed with how Bitcoin has held in this week. Yes, it's down for the week like everything else. But the damage relative to tech stocks is minor.

Feels like now might be a good time to wade in with a mildly bullish bet.

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Rolled XLI position to May options.
3. No exits since the last report.
4. Current status of open campaigns.
5. Volatility Snapshot.

Let’s dig in!

From the desk of Steve Strazza @Sstrazza

Our Hall of Famers list is composed of the 150 largest US-based stocks.

These stocks range from the mega-cap growth behemoths like Apple and Microsoft – with market caps in excess of $2T – to some of the new-age large-cap disruptors such as Moderna, Square, and Snap.

It has all the big names and more.

It doesn’t include ADRs or any stock not domiciled in the US. But don’t worry; we developed a separate universe for that. Click here to check it out.

The Hall of Famers is simple.

We take our list of 150 names and then apply our technical filters so the strongest stocks with the most momentum rise to the top.

Let’s dive right in and check out what these big boys are up to.

Here’s this week’s list:

*Click table to enlarge view

We filter out any laggards that are down -5% or more relative to the S&P 500 over the trailing month.

Then, we...

What's working in this market?

What's not selling off as much as you'd think it would be?

These are the types of questions I like to ask during environments like this.

I've seen this many times before. I can tell you that the assets showing relative strength in this market will likely be the leaders during the next recovery.

In the meantime, below overhead supply is still the key theme right now, particularly for U.S. equities.

It has been since the Dow and S&P500 lost their key levels and were unable to reclaim them. Remember the Nasdaq100...

Yesterday’s tape was red hot. In times like this, it’s especially important to look at what insiders are buying. 

Here are today’s standouts: 

We got two political filings for stocks in defensive groups from two different elected representatives. 

📌 Walmart $WMT

Rep. Debbie Dingell bought $15,000 to $50,000 worth of stock.

📌 Markel Group $MKL

Rep. April Delaney similarly disclosed a $15,000-to-$50,000 purchase, betting on this property and casualty insurance leader.

Another purchase in a defensive company that stood out:

📌 Dollar Tree $DLTR

Director William W. Douglas III filed a Form 4 disclosing a $520,822 buy—a strong signal in what’s become one of Wall Street's favorite “...

Global markets have sold off in response to Trump's sweeping tariffs.

This is no longer just a regular dip in a bull market, it is turning into a significant cause for concern for more sustained weakness.

Two key industry groups to demonstrate this is housing $ITB, which has broken down and is now trending lower.

And semiconductors $SOX which has completed a major topping pattern.

Arguably the two most important industry groups have broken down, and are now in defined downtrends.

This isn't just a regular dip; unless we see risk assets take a significant rebound (and quickly), we're transitioning into a deeper correction that could last months, if not quarters.

Markets have sold off as Trump announced his sweeping tariffs to America's trading partners. There's certainly a lot of fast moving action hitting the tape and we're at a crossroads; does the market continue its selling or reverse on what was a monumental announcement?

While we certainly entertain these moves, the beauty of these rankings is that it adopts a longer-term horizon and smooths out the noise we're seeing this week.

More U.S. growth thematic ETFs are falling on the leaderboard, as technology breaks to new relative lows.

But despite this, a theme that's remained persistently strong is the video gaming and esports space. VanEck's $ESPO ETF, while pulling back, has exhibited fantastic relative strength in a market that's punished growth.

So long as ESPO is above its prior cycle highs near 80, this is an investment theme that remains a leader.

Technology $XLK is well into the red now as U.S. growth underperforms.

Most interestingly, Technology $XLK just broke down relative to the S&P 500 while Financials $XLF is still outperforming.

While the conditions in U.S. equities hasn't been favorable, it's not indiscriminately bearish. In other words, as technology underperforms, sectors like financials and communications are still holding in.

As investors find out more information on the Trump tariffs today; considering much of this recent money flow out of U.S. stocks has been driven by this rhetoric, it isn't outside the realm of possibility that tech bottoms here on a classic "sell the rumor, buy the news" event.

Of course, for now, the relative trend in tech is now down and we need to wait for confirmation of a trend reversal.

Today's number is... -20.8%

The average stock in the S&P 500 is currently in a bear market, with a decline of -20.8%.

Here’s the chart:

Let's break down what the chart shows:

• The blue line in the top panel is the S&P 500 index price.
• The red line in the bottom panel shows the average 52-week drawdown of S&P 500 Stocks.

The Takeaway: Yesterday, the S&P 500 experienced a massive decline, dropping by 4.8%. This marks the largest one-day decline for the index since June 2020.

2025 has been quite the ride so far. In early February, the S&P 500 was at all-time highs. However, just 31 trading days later, the index is down over -12%. 

And right now, the average stock in the S&P 500 is in a bear market… Down -20.8%

If you took the time to look under the hood, you'd see that most stocks have not been rising for a while. While some stocks have performed well, the majority have not.

Breadth has been telling us that the market was weak… 

And yesterday things got worse…...

From the Desk of Steve Strazza @Sstrazza

We love our bottoms-up scans here at All Star Charts. We tend to get really creative when making new universes as we want to be sure they will deliver us the best opportunities the market has to offer.

However, when it comes to this one, it couldn't be any simpler!

With the goal of finding more bullish setups, we have decided to expand one of our favorite scans and broaden our regular coverage of the largest US stocks.

Welcome to The Junior Hall of Famers.

This scan is composed of the next 150 largest stocks by market cap, those that come after the top 150 and are thus covered by the Hall of Famers universe. Many of these names will someday graduate and join our original Hall Of Famers list. The idea here is to catch these big trends as early on as possible.

There is no need to overcomplicate things. Market cap is a quality filter at the end of the day. It only grows if price is rising. That's good enough for us.

The bottom line is it is a bull market. We...

Below is my weekly video for members of Macke's Retail Roundup. 

Fear has entered the market.

Not panic just yet, but Wednesday afternoon in the Rose Garden, POTUS unleashed the Kraken on the market, the global economy, and just about any retailer selling clothing or making shoes.

We knew the tariffs were coming. We realized the cost of doing business was going up, and it was going to somehow be passed along to consumers. But until the President held up his Reciprocal Tariff tag board, it wasn’t clear just how much of a blood sport this was going to be.

I discussed the implications and reaction in this week's Retail Roundup Video.

Watch the video below.

Sign up for my free note here.

Today was tough.

Equities got smoked across the board.

Transports suffered one of their worst days in history.

Semiconductors and Homebuilders  completed massive tops.

The damage is real.

Defensive rotation has been brewing for weeks, and today was yet another reminder the bears are in full control.

When it comes to the bond market, nothing tells the story better than credit spreads.

A month ago, I flagged the HYG/IEI ratio as one of the ...

Here's the replay and chartbook from the April 3 Weekly Strategy Session.

Be sure to join us on Thursdays at 11 am ET and maximize your return potential.

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Rolled ARKK position to May options.
3. No exits since the last report.
4. Current status of open campaigns.
5. Volatility Snapshot.

Let’s dig in!