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13 May 2020 – Fall continues

Summary (The Week Ahead)
$DJTDownTrend and in preliminary Squeeze. /YM – DownTrend and in a Squeeze. /RTY – DownTrend and in a preliminary Squeeze. /NQUpTrend and in a preliminary Squeeze. /ES – DownTrend and in a Squeeze.

The bears dominated trading. Volatility is compressed.

/CL UpTrend. /GCUpTrend and in a very compressed Squeeze. /ZB – UpTrend and in Squeeze. HYG – DownTrend and in a preliminary Squeeze. DBC – DownTrend.

$DXYUpTrend and in a Squeeze. EUR/USD – DownTrend and in a Squeeze. USD/JPYUpTrend and in a preliminary Squeeze.

Market Internals
Market Sentiment – Bearish. Put/Call ratio – 0.999. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping downward and showing distribution. Long term volume trend is showing distribution. Vix – 35.28 and Vix Futures – 34.91. Skew – 123.43.

The Squeezes in the indices are indicating that a big move is coming up.

Bond market traded upward. Gold is now back above US$1700. Market Internals are indicating bearishness. HYG which is the ETF for high yield bonds is trading sideways with bearish bias. The prognosis is that the market is turning downward.

Relative Strength – Sectors.

On a 3-monthly lookback, the relative strength order of the S&P ETF 500 sectors are XLV, XLK, XLY, /ES, SPX, SPY, XLB, XLP, XLE, XLU, XLI and XLF.

On a 12-monthly lookback, the relative strength order of the S&P 500 ETFs are XLV, XLK, XLY, XLP, SPY, SPX, /ES, XLB, XLU, XLE, XLI and XLF.  


To Your Wealth!
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