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2 June 2020 – Indices powered upward

Summary (The Week Ahead)
$DJTUpTrend. /YMUpTrend. /RTYUpTrend. /NQUpTrend and in preliminary Squeeze. /ESUpTrend.

Volatility compression has being released.

/CL UpTrend. /GCUpTrend and in a Squeeze. /ZB – DownTrend and in Squeeze. HYGUpTrend. DBCUpTrend.

Junk bond (HYG) and commodities (DBC) is in upTrend which is rather bullish for the market.

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

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.636. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Vix –26.93. Vix Futures – 28.10. Skew – 132.61.

The indices continue to power upward and the current top should be soon. A pullback can be expected.

Bond market is in a DownTrend. Gold is set to trade upward after range trading. US dollar index is in a down trend and the indices are in an uptrend. Market Internals are showing mixed signals. The market still have a bullish bias.

Relative Strength – Sectors.

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

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


To Your Wealth!
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