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Greg, I think your MMRI is accurate to an extent, but I think it can be improved with more macro data.
I have been researching (on TradingView) how to better undertand your MMRI, and have come across three other elements that actually somewhat predict where the market is heading in the future.
The equation is this (compared to the Dow Jones Industrial Average):
TVC:TNX*TVC:DXY/(FRED:CURRCIR+FRED:CPIAUCSL+FRED:POPTHM)*10^7
FRED:CURRCIR = Currency In Circulation
FRED:CPIAUCSL = Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
FRED:POPTHM = Population, Employment, & Labor Markets
The 10^7 is for scaling against the $DJI.
What I have noticed is that when this formula shows on the graph (a decline), it is predicting where the market is going to be correcting in the future, one to two months out, sometimes a little more.
I want to let you know about this formula so you can do your own analysis on it, but if what I am seeing is true, none of us are going to like where the market is heading in the future. This is just my opinion based on my observations, but I am curious to hear your feedback.
Thanks
Imagine thinking you're correct 90% of the time when all of your stock picks are tanking. Delusional