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22 May 2020 – Is breakout imminent?

Summary (Weekly Chart)
$DJT – UpTrend. /YM – UpTrend. /RTY – UpTrend. /NQ – UpTrend. /ES – UpTrend.

/CL – DownTrend. /GCUpTrend and in a preliminary Squeeze. /ZBUpTrend. HYG – DownTrend.

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

Summary (Daily Chart)
$DJT – DownTrend and in a preliminary Squeeze. /YM – DownTrend and in a Squeeze. /RTY – DownTrend and in a preliminary Squeeze. /NQUpTrend and in a preliminary Squeeze. /ESUpTrend and in a Squeeze.

/CLUpTrend. /GCUpTrend and in a Squeeze. /ZBUpTrend and in a Squeeze. HYGDownTrend.

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

Market Internals (Daily Chart)
Market SentimentBullish. Put/Call ratio – 0.764. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Vix – 28.16 and Vix Futures – 30.24. Skew – 125.78.

The indices have been trading sideways for the last 3 weeks and there are volatility compression in all the indices. It does look like it is setting up to break upwards.

Oil continues to trade upwards and has reached above US30+ per barrel. Gold is still trading above US$ 1700 an ounce.

The US economy is starting to open up and the unemployment rate will decrease. The indices will likely respond to that and break upwards from its current sideways trading.

The prognosis is for a break upwards for the indices.

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

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


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