We're below former resistance levels in all of the major US Indexes. While structurally, longer-term uptrends are still intact, there is short-term risk of price volatility and/or opportunity cost. This is where establishing your time horizon is important. We laid out important levels from an intermediate-term horizon earlier this week. I think we're in for more of a sideways mess than anything else for now.

Historic breakouts are rarely clean. Go back and look at the early 80s. If we are to resolve this 18-month range in US Indexes higher, with European Stocks also breaking out, I'd argue it's a historic market event. If that happens, a bumpy start would not be anything we haven't seen before at other important points in the past.

With that in mind, let's take today to focus on where we stand in momentum.

From the desk of Tom Bruni @BruniCharting

Cannabis stocks have been a bit of a disaster since late March, but let's take a look at what's happening and if there's a way to play it.

From the desk of Tom Bruni @BruniCharting

Wednesday morning I outlined the charts we were watching ahead of the Fed Decision and what we would need to see before getting out of the way and reevaluating our bullish Equities and US Interest Rates thesis.

Today I want to look at those same charts and note what's changed and how we're moving forward.

We've wanted to be erring on the long side of stocks if the major Indexes are above their 2018 highs. That has been the strategy for the second half of 2019. But what if we're not above those highs? Then what?

Today we're going to look at July's monthly charts and identify the changes worth noting.

Tuesday's Mystery Chart received a lot of responses, with most of you were erring on the long side.

Now, let's look at the chart and its related theme.

Here's SBI Life Insurance Company Ltd. attempting to break out above its post-IPO base while the more traditional "banking stocks" are being hit hard. Sure the price action is a bit choppy, but it's not going down like many other stocks in the sector and market.

Click on chart to enlarge view.

The reason this chart stood out to us is that the relative strength is obvious and suggests that these stocks will lead to the upside once the market gains its footing. As long as prices are above their recent lows of 732, the bias is to the upside towards 952.

From the desk of Tom Bruni @BruniCharting

Tuesday's Mystery Chart is one of my favorite charts right now, so thank you all for your feedback and participation.

I received a lot of answers, but I'd say 2/3 of you were buyers and the other 1/3 were sellers.

With that as our backdrop, let's get into it.

From the desk of Tom Bruni @BruniCharting

This post is a deep dive into the Social Media subsector, which was the topic of this week's Mystery Chart.

For full the full context around this post, please read that one first.

This is the question I often ask myself. In which direction is there the most risk? Are we better off looking for stocks to buy or looking for stocks to sell? There is no need to make this complicated. Where are the probabilities of success skewed in our favor?

You're well aware by now that I spend a lot of time looking through charts in the U.S. and around the world. We have Indexes, Sectors, Stocks and other assets throughout My Chartbook. One thing I learned a long time ago is to also pay attention to the bellwethers. It's a word that gets thrown around a lot, but we take it a little more seriously around here. There are only a few of them and today I want to draw your attention specifically to what is happening in shares of J.P. Morgan.

Today we're looking at a chart that highlights a major divergence that's plagued the Indian stock market since January 2018.

We've spoken about this topic in the past, but keep drilling it home every few months because it remains one of the key reasons why Indian Equities as an asset class are struggling.

From the desk of Tom Bruni @BruniCharting

Today will be a "big" day for markets as the Federal Reserve will announce their decision on the new target Federal Funds Rate.

Currently, markets are pricing in a roughly 80% chance of a 25bp cut and a 20% chance of a 50bp cut. This means market participants have assigned 0% odds to rates remaining where they are after today's meeting.

We've been pretty clear over the last few months about where we stand regarding the different asset classes, so there's not much left to do other than wait and see how prices settle by the end of the week.

With that said, here are a few charts we're watching through Friday's close.