[Cross-Asset Analysis] Reading "Where is the strongest market right now?" from daily and weekly strength charts

When looking at the market, what matters is not just "what is going up."
From which assets is capital flowing out, and to which assets is it moving?
From this strength chart, we can read capital flows across multiple markets, including not only major currencies but also the S&P 500, NASDAQ 100, Nikkei 225, Shanghai Composite, Gold, Crude Oil, and Bitcoin.
Furthermore, by overlaying daily and weekly charts, we can categorize assets into:
"Assets that are already strong"
"Assets that are merely adjusting"
"Assets that may reverse soon"
We will compare all assets shown on the chart on the same playing field,
and explore what the most attractive long and short candidates are at this moment.Conclusion for this time
The assets we want to focus on most this time are
the S&P 500, NZD, EUR, and Gold (XAU).In terms of completeness, theS&P 500 is the strongest long candidate
as it is strong on both daily and weekly charts. On the other hand, from the perspective of combining weak and strong assets, theEURNZD short
is very clean. And I want to pay attention to Gold for a slightly different reason. While it has not yet reached a full uptrend on the weekly chart,the daily chart has started to reverse ahead of time, putting it in a position to potentially become the next main player.I see the current market as a phase where we want to separate strategies for

"buying what is already strong" and "getting ahead of what has started to reverse."Daily—NZD and JPY surge, USD enters the weakest zone
First, the daily chart. Looking at the top of the strength rankings,
NZD +40.20

JPY +30.55
S&P 500 +15.05

XAU +5.59
BTC +0.83
On the weak side, we haveCAD -10.59
Shanghai Composite -12.16
EUR -13.89


USD -22.66What stands out in particular is the
sharp rise in NZD and the weakness of the USD.
Looking at the NZD waveform, it has reversed after a significant dip, broken through the 0 line, and surged to the +40 range. This is not just a small rebound from a flat state. It is a very characteristic movement seen during trend reversals:Bottoming out → Acceleration of rise → Breaking the 0 line → Entering bullish territory.
JPY is also surging similarly. However, for JPY, the implication is slightly different from NZD because there is a large directional discrepancy with the weekly chart, which I will discuss later.
Weekly—CNH, AUD, and stock indices are strong
Next, the weekly chart. The top performers areCNH +61.19

AUD +49.54
Nikkei 225 +26.30


S&P 500 +25.68
NASDAQ 100 +21.76


GBP +10.61
USD +8.65On the other hand,
XAU -12.31
BTC -21.88
CHF -35.99
CAD -39.23
EUR -40.56
There is a very clear difference. What is interesting here is the

medium-term location of capitalwhich was not apparent from the daily chart alone. CNH and AUD are strong, and the Nikkei 225, S&P 500, and NASDAQ 100 are also at the top. In other words, on the weekly chart,
the strength of stock indices is quite clear.
Comparing all assets, the S&P 500 has the highest level of completeness.
What is very important in this chart is the S&P 500. The daily is +15.05. The weekly is +25.68. Both are positive. While the NASDAQ 100 is strong with a weekly +21.76, the daily is -0.91. The Nikkei 225 is also +26.30 weekly, but the daily is -8.12. In other words, the NASDAQ 100 and Nikkei 225 are in a state of"strong in the medium term, but adjusting in the short term."
In contrast, the S&P 500 is positive on both daily and weekly charts. The directions of multiple time frames are aligned. Therefore, if we compare only the current charts,
👑 Strongest long candidate: S&P 500
I judge it as such. It is in the most straightforward position in terms of simply following strong assets.NASDAQ 100 and Nikkei 225 are "dip candidates."
I do not evaluate the NASDAQ 100 and Nikkei 225 as weak. Rather, the weekly is strong. The NASDAQ 100 is +21.76 weekly. The Nikkei 225 is +26.30. The issue is the daily. The NASDAQ 100 has dropped to -0.91 and the Nikkei 225 to -8.12. This is not that the medium-term trend itself has collapsed, but rather

the daily chart is adjusting within the weekly uptrend.Therefore, if the daily chart breaks 0 again and turns upward, its priority as a long candidate will rise sharply. I especially want to watch if the NASDAQ 100 can follow the S&P 500.

Gold—"Early reversal" that I want to pay close attention to this time.Personally, the waveform of Gold (XAU) is very interesting this time. The daily is +5.59. However, the weekly is -12.31. In terms of numbers alone, it is not that strong. However, what is important is the

direction of change.

It has already surfaced into positive territory on the daily chart. On the other hand, the weekly is still negative. In other words, it is in a state where

the lower time frame has reversed first, and the higher time frame has not yet caught up.

At the beginning of a trend, such time lags naturally occur. Therefore, I do not evaluate Gold as "the strongest right now." Rather, I am watching it as"an asset that has the potential to become strong next."

If the weekly strength rises to -10 and then 0 in the future, it will be a very strong flow of

daily reversal → weekly reversal.
If the S&P 500 is "completed strength," then
Gold is "strength in the making."

This is a distinction I want to keep in mind.Bitcoin—Rebounding, but still weak in the medium term.

BTC is +0.83 on the daily. On the other hand, the weekly is -21.88. It has returned to near 0 on the daily. However, the weekly is still quite low. In other words, the current evaluation is that

a short-term rebound has begun, but a medium-term trend reversal cannot yet be confirmed.

This is also the difference from Gold. Both are negative on the weekly, but at this point, XAU has shown strength on the daily first. I want to see if BTC's daily chart continues to extend in the positive direction and if the weekly chart bottoms out.

Crude oil is a low priority at this time.OIL is -1.42 on the daily and +3.28 on the weekly. Both are near 0. It is hard to say it is either strong or weak. When comparing all assets side by side, it does not have aligned time frames like the S&P 500, nor does it show a clear early reversal like Gold. Therefore, at this point, I judge that

there is little need to go out of my way to choose OIL.

In FX, combine "strong currency × weak currency."
From here, it is about combinations of currencies. By not just simply "buying a strong currency," but

combining the strongest and the weakest,

the trend becomes easier to clarify. This time, the one that best fits that condition is EURNZD.👑 Strongest short candidate: EURNZDOn the daily, NZD is +40.20 and EUR is -13.89. The difference is

about 54 points.

Furthermore, on the weekly, NZD is -4.74 and EUR is -40.56. The difference isabout 36 points.

What is important is that NZD is stronger than EUR on both daily and weekly charts. NZD itself is still negative on the weekly, but EUR is weaker than that. In terms of relative strength, it is very clean. Therefore, I evaluate it as

👑 Strongest short candidate: EURNZD.
EURAUD short—The weekly strength difference is very large.

EURAUD is also an interesting combination. AUD is +49.54 on the weekly. EUR is -40.56. The difference is about
90 points.
This is a very large divergence. On the daily, AUD is +0.05 and does not have momentum yet, but it is still above EUR. While EURNZD is strong even including daily momentum,

EURAUD is a candidate to target the large trend difference on the weekly.From the perspective of several days to several weeks, it is a very interesting combination.
NZDCAD long is also a strong candidate.
NZDCAD also has time frame consistency. On the daily, NZD is +40.20 and CAD is -10.59. The difference is about
51 points.

On the weekly, NZD is -4.74 and CAD is -39.23. The difference is about

34 points.
NZD is superior on both daily and weekly charts. Especially on the daily, because NZD's upward momentum is strong, I see it as
FX strongest long candidate: NZDCAD.


AUDUSD—I want to wait for daily re-acceleration.
AUDUSD is also a candidate. AUD is +49.54 on the weekly. USD is +8.65. In the medium term, AUD is clearly superior. Furthermore, on the daily, USD has dropped to -22.66. AUD is +0.05, so AUD is also superior on the daily. However, AUD's own daily momentum is still weak. Therefore, if AUD rises again to +10 or +20 on the daily,
I think the completeness of an AUDUSD long will increase significantly.


I will intentionally pass on USDJPY.

USDJPY is in a very interesting state, but I will not make it a top candidate at this time. On the daily, JPY is +30.55 and USD is -22.66. Yen is overwhelmingly superior. However, it is the opposite on the weekly. USD is in positive territory, but JPY is in significantly negative territory. In other words,
the daily and weekly charts are clashing head-on.If it were only the daily, it would be a USDJPY short, but it lacks consistency with the higher time frame. While such phases tend to have large price movements, they are also prone to reversals. Since there are other candidates with aligned time frames, I do not think there is a need to force a choice of USDJPY.
If I were to describe the current market in one wordWhat is important in this strength chart is not just that

"the dollar is weak."
Looking at it more broadly, it is that
the destination of capital is starting to diverge.

The S&P 500 is strong on both daily and weekly charts. The NASDAQ 100 and Nikkei 225 are strong in the medium term but are adjusting in the short term. NZD has surged rapidly from the daily. Gold is in the early stages of reversal. BTC is still bearish in the medium term. EUR and CAD are relatively weak. Using these differences,"assets that are already strong," "assets that are likely to become strong," and "assets where weakness continues"

I think combining these is interesting as a way to use the current strength chart.

[Top Candidates]🥇 Strongest long candidate across all assets: S&P 500

Strong on both daily and weekly, with the highest time frame consistency.
🥇
Strongest short candidate across all assets: EURNZDNZD strong/EUR weak holds true on both daily and weekly.🥈

Strongest FX long candidate: NZDCAD

Combines NZD's daily surge and CAD's weakness.
🥈 Medium-term short candidate: EURAUD

The weekly strength difference is very large.⭐
Most important reversal watch: XAU

Daily has already turned positive. If the weekly heads toward 0, I want to raise the evaluation significantly.
⭐ Secondary watch: NASDAQ 100, Nikkei 225Weekly is strong. Waiting for daily re-rise.

Points to watch especially in the future

The most straightforward one iswhether the strength of the S&P 500 is maintained.

Next is Gold. If XAU's weekly strength approaches 0 from negative territory, it could be the most important change in this analysis. Regarding NZD, whether the daily surge will spread to the weekly. For the NASDAQ 100 and Nikkei 225, whether the daily will turn upward again. And for EUR, as long as the weakness continues, it seems likely that it will remain easy to find short candidates in combinations with relatively strong currencies like NZD or AUD.
Summary
In this cross-asset analysis, I judged that

the S&P 500 has the most complete strength.

On the other hand, Gold is interesting in terms of future changes. And among currencies, the rapid rise of NZD and the weakness of EUR stand out. Therefore, currently,if you want to target a completed trend, S&P 500.
If you want to target the strength difference, EURNZD short.


If you want to target the early reversal, watch XAU.This is a phase where I want to follow the capital flow of the entire market with these three as the axis.

*This article is a personal analysis based on the figures, waveforms, multiple time frames, and market environment of strength charts. It does not guarantee future price movements, nor does it recommend the buying or selling of any specific financial product. Please make investment decisions at your own risk.