5 Charts That Are Working

All stock holding their uptrend. 500k avg volume.

 

Shipping. ZIM with phenominal EPS growth rate. This volume pop suggests strong momentum to the upside as the industry enjoys high rates to meet its high demand.

Oil/Gas. With oil prices skyrocketing oil exploration services are strong. Testing its breakout level on high volume indicates it could sustain at this level and if oil continues to climb this moves with it.

Tech, still in long term uptrend. Historically at a buying point. However market conditions are significantly different than the previous 3 opportunities. 

Selling off since november forming a downward wedge. Volume spike suggests a squeeze. Potential reaction to recent events.

Kroger with a huge pop on earnings on big volume. Bull flag suggests a potential bullish move to the upside is possible.

SP 500 Week in 2 charts

Option markets have the odds of reaching 4000 at 59% in next 30 days or by Easter.

 The week was largely range bound finding resistance 3x at the a 4320 area.

Friday's action started with a pop on "good progress news" from Russia but immediate sold off hard. 

A break below 4138 could mean much low prices to come. 

Insane Week In 2 Charts

1. Wheat Prices Explode

Oil prices are more talked about but wheat prices exploded this week. Reaching highs that eclipse the great recession prices of Feb 2008, prices skyrocketed 50% in a single week as a result of the invasion by the largest wheat producer in the world Russia of the next highest wheat producer Ukraine. 

With so few wheat producers in the world, it is of great concern when 2 of the 5 are at war with each other. Russia and Ukraine account for roughly 30%of the world's wheat exports*

*Source: Tranding Economics

As a result of the invasion prices exploded this week and up 50% YTD

A conflict between the largest global suppliers is spreading fear that supplies will run short. Wheat prices have already been historically high due to drought conditions. Now such a dramatic increase in prices can create a supply shock resulting in food shortages amongst the poorer of wheat importers.

2. Crude Oil Prices

The conflict this week also sparked global supply crunch and tightening of prices even though sanctions have not officially hit the Russian oil industry. 

Prices this week reached 2008 recession levels.

In 3 days the price of Crude skyrocketed 23% holding prices elevated to close the week.

Gas prices followed suit this week especially in California where drivers have an abundance of taxes on top of already high prices.

US Avg gasoline prices are now at peak levels during the worst of the 2008 recession