US equities are trying to prove themselves after several weeks of selling pressure. Buyers are stepping in and repairing some of the recent damage.

When I think of the group of stocks that will determine whether the bulls regain control or not, I can’t help but think of semiconductors.

They are quite literally the lifeblood of the world economy, carrying significant weight in major indexes across a variety of global markets.

The Equal Weight Semiconductors ETF $XSD is a great way to get a true read on the group.

When we look at it on a relative basis, it’s been carving out a massive top against the S&P 500.

Right now, the ratio sits near its lower bounds—neither breaking down nor catching a bid higher. 

We’re just hanging in there.

How this resolves will shape our positioning in the weeks ahead.

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I’ve been tough on US equities lately. But it’s really nothing new.

Since last summer, I’ve been writing and talking about taking profits in the US - particularly in US growth - and redeploying that capital overseas.

But the truth is I’m rooting for US stocks. I always am.

So, let’s talk about what I need to see to get excited about them again.

In a few notes last week, I stressed the importance of registering two consecutive up-days at the index level. We’re not going to establish a tradable low without some bullish follow-through.

My attitude has been, “talk to me once we get back-to-back green candles.”

And while I’m really not impressed by the action at all, we did achieve this simple milestone earlier in the week. Congrats to stocks!

The bottom line is this is still a “show-me market.” Let’s discuss what bulls need to see next.

It’s all about growth stocks when...

Today's trade feels like a rare find: a stock in a clearly defined uptrend, at or near all-time highs, and appearing to want more.

And the underlying company couldn't be further away from the tech sector that still needs time to repair.

Ending a correction is a process. Hoping for a capitulation Crash is natural but a bit of a sucker's game and sort of misses the point. Getting into a crash is the same process only bigger. It's like ranking tornados; some are big, some less so but the sequence is always the same.

An Unquantifiably large negative confluence of negative catalysts starts to form. Uncertainty is bad but most people buy the dip. But then the news gets worse. And relentless. The selling builds steam as consumers and businesses start missing/ guiding lower. Indices fall (>10% or it doesn't count) but the damage is way, way worse under the surface. There is no place to hide.

[Emotionally the short version is 1. "Buying the dip, thanks for the free money, Market". 2. "I'm still up huge and can ride this out" 3. "I should have taken some profits" 4. "It's that idiot's fault I'm losing money and I hate Bankers/ Traders / Shorts and this is all a scam" 5. "Capitalism has failed. I'm selling and living in an RV"]

Then we bottom.

We've checked a lot of the required boxes for a bottom to at least get started at this point. The market is still wobbly but the brutal, indiscriminate...

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

1. New position in XLI.
2. No adjustments are needed today.
3. No exits since the last report.
4. Current status of open campaigns.
5. Volatility Snapshot.

Let’s dig in!

Familiar names top today’s list.

📌 Broadwood Partners, a key stakeholder and long-time believer in Staar Surgical $STAA, just filed a Form 4 revealing a $3.6 million buy.

Broadwood has been deeply involved with STAA for years, making its moves worth watching.

📌Steve Cohen’s Point72 made some serious noise filing an original 13G for  Relay Therapeutics $RLAY revealing a 5.70% stake. 

Here’s The Hot Corner, with data from March 20, 2025:

Click the table to enlarge it.

📌 Redwire $RDW CFO Peter Cannito joined an insider wave here with a $175,127 buy.

The chief financial officer’s move, showcases continuing leadership belief in the aerospace and defense company’s future.

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...

General Mills $GIS slid lower on Wednesday after reporting mixed earnings.

The company's margins are contracting because of inflationary pressures. Last quarter alone, the gross margin fell 60 basis points to 33.4% of net sales.

In addition, the North American, pet, and international segments experienced a 7%, 5%, and 4% decrease in net sales, respectively. It wasn't good...

The management team discussed consumer confidence at levels last seen in 2008. This is a big problem for a company directly exposed to the consumer!

Overall, this report was a disaster, and the market punished the stock for it.

*click the image to enlarge it

As you can see, the $32.63B packaged foods company reported revenues of $4.84B, versus the $4.95B estimate, and earnings per share of $1, versus the $0.96 estimate.

The stock fell 2% with a reaction score of -2.99, and it's now flirting with fresh 4-year lows.

Now, let's talk about the technical setup.

General Mills has suffered a drawdown of...

Here's the replay and chartbook from the March 20 Weekly Strategy Session.

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

The dominant force in equity markets right now is the record rotation out of U.S. equities and into international markets.

The biggest losers over the past month? U.S. growth stocks. And at the tail end of that risk spectrum, speculative growth—best represented by ARK Innovation (ARKK)—has taken the hardest hit, dropping 25% and failing to hold its long-term breakout.

We’re closely watching whether this broader rotation out of U.S. stocks sustains in the coming months. If capital starts flowing back into the U.S., ARKK would likely be a major beneficiary.

A successful reclaim of its breakout level would set up a bullish long-term trend—but everything hinges on the international vs. U.S. capital flows.

We broke all of this down in yesterday’s Emergency State of the Markets stream. The All Star Charts team joined the discussion, along with esteemed trader John Netto, who shared his insights on the Fed’s announcement.

...

Today's number is... 1

Out of the seven global regions I track, only one is negative year-to-date, and that is the United States.

Here’s the chart:

Let's break down what the chart shows:

• Each line represents a different global region's year-to-date performance.
  • Green lines represent global regions that have a positive year-to-date performance.
  • Red lines represent global regions that have a negative year-to-date performance.
  • The black line shows the year-to-date performance of the All Country World Index.

The Takeaway: The global leadership has shifted in 2025.

In 2024, the United States was the leading region with an impressive return of 24%, while Europe Ex-UK was the worst region which lagged behind with only a 0.9% yearly return.

However, in the 52 trading days of 2025, Europe Ex-UK has emerged as the current leader, posting an impressive year-to-date return of 19% so far. In contrast, the United States is underperforming every region among the seven I track and is the only region to...

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

1. New position in XBI.
2. No adjustments are needed today.
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

Welcome to The 2 to 100 Club.

In this scan, we look to identify the strongest growth stocks as they climb the market-cap ladder from small- to mid- to large- and, ultimately, to mega cap status (over $200B).

Once they graduate from small-cap to mid-cap status (over $2B), they come on our radar. Likewise, when they surpass the roughly $30B mark, they roll off our list.

But the scan doesn't just end there.

We only want to look at the strongest growth industries in the market, as that is typically where these potential 50-baggers come from.

Some of the best performers in recent decades – stocks like Priceline, Amazon, Netflix, Salesforce, and myriad others – would have been on this list at some point during their journey to becoming the market behemoths they are today.

When you look at the stocks in our table, you'll notice we're only focused on Technology and Growth industry groups such as Software, Semiconductors, Online...

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Today was all about the Fed. 

As usual, I was laser-focused on the market reactions.

Rates stayed put while the path forward was updated to reflect one fewer cut. 

The stock market pumped a bit while Powell was speaking, and dollars and rates ticked down. 

All in all, it was a mundane FOMC reaction. No fireworks. We discussed it on a live stream on Stock Market TV earlier.

But, one group stood out most today. And it’s extra interesting because it’s the same group that has been on top of the leaderboard all year.

Busy morning of earnings with a little something for everyone as we try to figure out who, if anyone, is actually experiencing a recession as opposed to just talking about it all the time.

This morning saw a decent report from the dominant player in the dismal wedding-focused jewelry space in Signet, deep-discount treasure hunt chain Ollies and the magnificent Williams-Sonoma, stuck in the middle of a rare sell-off.

Let's grade them!

Report Card Rules:

All grades are subjective and relative to each company's reputation, messaging and likely appeal to Wall Street.

I don't much care about Q4. Does anything seem longer ago right now than last Christmas? Q1 reports in retail are all about setting expectations for the next year, establishing clear deliverables and highlighting any tailwinds or concerns.

TLDR: These stocks are all way off fairly recent highs. Anything better than whining about troubling economic headwinds and guiding to something hugely negative is a Beat at this point.

Let's start in the Mall!

Signet: B+

Signet slightly beat the guidance issued in January but missed the original Q4 guidance...

A couple of big moves stand out today. 

Lawmakers are jumping into once high-flying momentum names that have recently unwound.

We’re also watching a near-million-dollar purchase in a Dow component that’s just broken down technically, completing a short-term top.

Let’s get into it:

📌 Tesla $TSLA
Rep. Vicente Gonzalez of Texas bought between $15,000 and $100,000 worth of $TSLA across two transactions.

It’s a vote of confidence in the EV giant that has seen its share price tumble from record highs as controversy surrounds its figurehead, Elon Musk. 

📌 Hims & Hers $HIMS
Rep. Tony Wield of Wisconsin also went on a shopping spree in $HIMS, investing somewhere in the vicinity of $250,000.

This health-focused company soared last year but has since pulled back sharply.

Today's number is... 27%

Global breadth is expanding in 2025... NOT narrowing… Over 27% of world markets have made 52-week highs in the past two weeks.

Here’s the chart:

Let's break down what the chart shows:

• The blue line in the top panel is the MSCI All Country World index price.
• The green line in the bottom panel represents the percentage of world markets making 52-week highs over the past two weeks.
• The red line in the bottom panel represents the percentage of world markets making 52-week lows over the past two weeks.

The Takeaway: If you want to know where leadership in the markets has shifted too since weakness emerged in the US, look no further than the rest of the world. 

Global market breadth is improving rather than deteriorating, indicating that there is underlying strength in international markets, potentially presenting us with opportunities. However, many US investors are missing out on these because of a home-country bias and a sprinkle of recency bias. (...