EarningsBeats Digest

Published: Wed, 03/30/22

EarningsBeats.com Digest for March 30, 2022

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Resumption of Secular Bull Market

Wednesday, March 30th at 4:30pm ET

About This Event: Join Tom Bowley, Chief Market Strategist as he discusses cyclical bear markets and subsequent rallies, typical leadership, his favorite sectors and stocks, as well as the path forward. You don't want to miss this event!

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Spotting Early Renewed Leadership

I think it's generally a very good idea to keep a list of strong leaders within several industry groups. When the stock market corrects as it did earlier this year, many of these leaders fall out of favor for a period of time, but it's wise to keep a close eye on when their leadership begins to return. I believe Chipotle Mexican Grill (CMG) is one of those leaders. I see a number of positive signs as the stock tests its February high:

I see the PPO crossing back into positive territory and pointing higher, signaling accelerating bullish momentum. There also appears to be a break above the recent downtrend line just as the AD line (accumulation/distribution line) breaks its downtrend simultaneously. Restaurants & bars ($DJUSRU) just cleared a key price resistance level and CMG broke its downtrend relative to its restaurant peers and the benchmark S&P 500 over the past couple weeks.

Happy Trading!

Tom Bowley
Chief Market Strategist

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