Callum Thomas
@topdowncharts.bsky.social
📤 1243
📥 127
📝 1496
Head of Research & Founder at Topdown Charts (chart-driven macro insights for investors)
This edition of the Weekly ChartStorm looks at some of the charts from 2021/22 that helped warn of the market peak. This is a useful exercise that can help identify indicators and principles to navigate future market cycles:
www.chartstorm.info/p/weekly-cha...
about 20 hours ago
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Weekly S&P500 ChartStorm:
www.chartstorm.info/p/weekly-s-a...
This week: tech check, the great concentration, AI overflows, newspaper stocks case study, average tenure, baselines, return dispersion, global portfolio, UFOs, commodities...
2 days ago
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Weekly ChartStorm coming soon! Meantime, check out last week's edition (+the recent deep dives...) here:
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Weekly S&P500 ChartStorm - 15 February 2026
This week: tech wreck check, software stocks, capex vs buybacks, private equity stocks, defensives strategy, energy sector setup...
https://www.chartstorm.info/p/weekly-s-and-p500-chartstorm-15-february
4 days ago
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Tech Sector CDS trending higher Probably nothing... ...right? 😬
5 days ago
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Commodities Cross-Confirmation The more commodity-sensitive Emerging Markets ex-Asia + Commodity price index both breaking out = believe it...
6 days ago
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Chart of the Week - Defensives Some key insights on Sector Rotation strategy (defensives vs tech + cyclicals ex-tech) Read now:
entrylevel.topdowncharts.com/p/chart-of-t...
6 days ago
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You might have seen Emerging Markets breaking out... But it's not just stock prices. EM forward earnings estimates have smashed through to new all-time highs. This is a fundamental breakout to back the price breakout. 📈
8 days ago
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Think you know how the market cycle works? Check your knowledge (+refresh) with this special edition of the Weekly ChartStorm which focuses on valuations, investment process, and market cycles... Read it here:
www.chartstorm.info/p/weekly-s-a...
8 days ago
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Bonds are in a bit of a stalemate... You can see it in the way that the 10yr yield has compressed into a tight trading range AND in the way that bond market volatility has crunched down to the lows. (...calm before the storm?)
8 days ago
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Gold/Stock ratio breaking out... Good for Gold? or Bad for Stocks? 🤔
9 days ago
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This chart captures the 2 most important themes in the Stockmarket right now. 1. Global vs US rotation 2. Top in tech stocks For the past 17-years US Tech stocks have dominated global markets, but that is starting to change...
9 days ago
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The typical ETF investor has about half their portfolio in Tech Stocks (!) 😳
9 days ago
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Commodities are cheap. (+ improving technicals, supply constraints, light allocations, monetary/macro tailwinds) Powerful setup...
10 days ago
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Weekly S&P500 ChartStorm
www.chartstorm.info/p/weekly-s-a...
This week: tech wreck check, software stocks, capex vs buybacks, private equity stocks, defensives strategy, energy sector setup...
11 days ago
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Weekly S&P500 ChartStorm coming sooon... Meantime, check out last week's edition + subscribe so you never miss it:
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Weekly S&P500 ChartStorm - 8 February 2026
This week: bullish rotation, cash allocations, investor positioning, global equities, disclosure, EM fund flows...
https://www.chartstorm.info/p/weekly-s-and-p500-chartstorm-8-february
11 days ago
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Biggest strength for Tech Stocks. and their biggest weakness? (stretched valuations are underpinned by stretched profit margins)
11 days ago
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Probably the most Unthinkable chart you can imagine... US tech stocks have peaked and are losing ground vs global tech stocks. Surely the US is not about to lose its Global Tech Leadership status??
12 days ago
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Outside of Precious Metals, investors have hardly any exposure to Commodities. (this leaves them vulnerable to inflation flare-ups e.g. if global growth reaccelerates and commodity prices surge)
13 days ago
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The big issue is Tech Stocks have peaked, are on technically shaky ground ---AND this is coming from a starting point of stretched Valuations.
13 days ago
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Gold is the best performing asset during the 2020's so far... (and bonds are the worst) How will the rest of the decade go?
13 days ago
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Tech Sector Credit Risk! 👀 It was all fun and games with AI hype when it was just equity markets, but now that credit markets are involved it doesn't seem so fun anymore…
14 days ago
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Off-Topic ChartStorm - Tech Stocks Tech has topped, what's next? Here's 10 charts outlining the situation and thoughts on the risks + opportunities:
www.chartstorm.info/p/off-topic-...
14 days ago
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Higher for Longer risk... It seems like in lieu of a deflationary recession the path of least resistance for bond yields is higher (for longer). If that happens slowly and smoothly then it's probably no issue. But there are some risks if the path becomes more violent sharp...
14 days ago
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Very interesting “Off-Topic“ ChartStorm on the way… 👀 Stay tuned:
www.chartstorm.info/s/offtopic-c...
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Off-Topic ChartStorms | The Weekly ChartStorm | Callum Thomas | Substack
Similar format to the Weekly S&P500 ChartStorm, but with semi-regular special focus topics spanning macro, markets, stocks, commodities, regions, and research... Click to read The Weekly ChartStorm, by Callum Thomas, a Substack publication with tens of thousands of subscribers.
https://www.chartstorm.info/s/offtopic-chartstorms
15 days ago
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Commodity Stocks Front-Running 🧐 The equal-weighted basket of global commodity stocks is pointing to a new cyclical bull market in commodity prices.
15 days ago
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You may think you know all about stockmarket seasonality... but this special focus piece from the Weekly ChartStorm lays out a few more angles and details that you might not have considered before:
www.chartstorm.info/p/off-topic-...
15 days ago
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Emerging Markets risk pricing sentiment. Confidence vs Complacency?
15 days ago
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Chart of the Week - Cyclical Upturn Global Growth Reacceleration is here! Read all about it (free):
entrylevel.topdowncharts.com/p/chart-of-t...
16 days ago
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Commodities are following the monetary script... 2026 is the year of global growth reacceleration (and inflation resurgence). Watch this space! 👀
16 days ago
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Weekly Insights - Edition 248
entrylevel.topdowncharts.com/p/weekly-ins...
This week: global markets update, global equity technicals (rotation in focus), macro radar, monthly pack link, ideas inventory...
16 days ago
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EM Equity Technicals 📈 Emerging Markets index broken out to all-time highs, comfortably above its (upward sloping) 200-day moving average, and widespread participation across countries. Clear picture of strength.
17 days ago
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Commodities Supercycle -strong thematic drivers -hard supply constraints -cyclical upturn underway We shouldn’t underestimate the opportunity in commodities as multiple bullish forces set in motion... (nor the upside risks this will present to inflation)
17 days ago
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Weekly S&P500 ChartStorm
www.chartstorm.info/p/weekly-s-a...
This week: bullish rotation, cash allocations, investor positioning, global equities, disclosure, EM fund flows...
17 days ago
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Emerging Market equities' forward earnings out to New Highs 👀 Believe it.
17 days ago
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Investor Allocations to Silver. ...is that it? Source:
www.chartstorm.info/p/off-topic-...
18 days ago
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Weekly ChartStorm coming sooon.... In the meantime, check out last week's edition + subscribe for more updates and market intel:
www.chartstorm.info/p/weekly-s-a...
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Weekly S&P500 ChartStorm - 1 February 2026
This week: monthly charts, positive January implications, bitcoin rotation, growth/tech risks, value vs growth, drawdown stats, bullish rotations in global equities...
https://www.chartstorm.info/p/weekly-s-and-p500-chartstorm-1-february
18 days ago
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Emerging Inflection Point An inflection point is clearly underway in emerging market equities. Skeptics will say that it’s just another false dawn. 🧐 But pattern recognizers will highlight the tendency of EM to go on large-scale multi-year runs... 🧠
18 days ago
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Gold is blazing the path...
#Commodities
are next 👀
18 days ago
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Here's a summary of what Paid Subscribers say they like about the Weekly ChartStorm 👇
18 days ago
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Here's a selection of timeless charts from the Weekly ChartStorm during the years 2021-22:
www.chartstorm.info/p/weekly-s-a...
22 days ago
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Weekly Insights - Edition 247
entrylevel.topdowncharts.com/p/weekly-ins...
This week: global markets update, industrial metals, global equities, global vs US stocks, small and mid caps, value vs growth, defensive stocks...
23 days ago
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Find out what's really going on in Precious Metals with the latest monthly pack:
gold.topdowncharts.com/p/gold-marke...
24 days ago
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Weekly S&P500 ChartStorm coming sooon….. In the meantime, check out last week’s edition + subscribe;
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Weekly S&P500 ChartStorm - 25 January 2026
This week: seasonality subtleties, global equities, correlations, flows, valuations, expectations, capex, and the energy sector in focus...
https://www.chartstorm.info/p/weekly-s-and-p500-chartstorm-25-january
25 days ago
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Weekly Macro/Multi Asset report -treasuries -inflation risk -stocks vs bonds -oil & energy stocks -Japan Read the report (lots of good charts):
www.topdowncharts.pro/p/weekly-mac...
28 days ago
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Chart of the Week - Treasuries You may not like it, but there it is... Free blog post:
entrylevel.topdowncharts.com/p/chart-of-t...
29 days ago
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Here's some interesting charts from the year of Weekly ChartStorms back in 2023 -- many of these charts are still highly relevant and applicable to today's markets:
www.chartstorm.info/p/weekly-s-a...
29 days ago
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Weekly ChartStorm - Ratings Update -How subscribers rate the service -What they like most about it -Why they signed up -Who typically subscribes -(and reasons people *unsubscribe) Read the post:
www.chartstorm.info/p/weekly-cha...
29 days ago
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Weekly Insights - Edition 246
entrylevel.topdowncharts.com/p/weekly-ins...
This week: market update, technicals update on EM and Commodities, treasuries, inflation risk, stocks vs bonds, oil & energy stocks, Japan equities...
about 1 month ago
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Weekly S&P500 ChartStorm
www.chartstorm.info/p/weekly-s-a...
This week: seasonality subtleties, global equities, correlations, flows, valuations, expectations, capex, and the energy sector in focus...
about 1 month ago
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Weekly ChartStorm coming sooon...... In the meantime, check out last week's edition + subscribe:
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Weekly S&P500 ChartStorm - 18 January 2026
This week: sentiment snippets, VIX and credit spreads, transports, shipping stocks, emerging markets, valuations, relative value, strategy note on valuation signals...
https://www.chartstorm.info/p/weekly-s-and-p500-chartstorm-18-january
about 1 month ago
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