Big Picture - From Major Breakdowns to Major Bases

Broad Market Outlook
With the broad market up nearly 12% to kick off the new year, most are much more positive on the stock market this time around just as most were last year when the market was rallying to new all time highs and there was no bear case for 2022. 
Yet, we all know how that played out.
Virtually all of the major markets and sectors have successfully broken out of there major stage 1 break down for the most part. 
More recently most have been pushing out of there mini stage 2 bases. 
Yet as most have done a great job defeating these areas of resistance, as most run into there respected major areas of resistance in the broader base, it seems wise to start looking to ring the register, lock in profits and hang in cash. 
We have seen how for the better part of the last year the market has not been able to trade above 420 other then for a few days last summer. This seems like a good time to take the bird in the hand instead of hoping this time is different where catching the birds in the bush makes more sense, when often the easier choice yields better returns. 
Let's be patient coming into the week and focus on those A+ set ups. 

From Bennett





Macro Rotation Outlook

Dow Jones
Mid Caps 
Small Caps
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Sector Rotation
Sensitive -  sectors that have moderate correlations to overall market conditions. 

Cyclical - sectors that are more sensitive overall market conditions.
Consumer Discretionary

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Defensive - sectors that tend to outperforming during sub par market conditions.
Consumer Staples
Bio Tech
Big Picture Set Up
ALNY continues to put in higher pivot lows as it works it way back towards the $240 Blue Sky Breakout area, once to keep on the radar with about $20 risk for now. 
ETSY had a nice breakout last week and for now moving the risk to break even with a short term target of 164 if it can drift there over the next week or two will look to take profits. 
We tried QSR last month and since has put in two higher lows as it sets up for a Blue Sky Breakout through $68.50. Continues to look better with time. 
TJX still needs some time but when it wants to head back towards the blue sky area of $83, will be one to keep on the radar. 
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