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3 June 2020 – Breakout continues

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

Indices upTrend continues.

/CL UpTrend. /GC – DownTrend and in a Squeeze. /ZB – DownTrend and in a preliminary 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 – 0.611. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Vix –25.66. Vix Futures – 27.25. Skew – 131.50.

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 has pulled back and is in a downTrend. US dollar index is in a down trend and the indices are in an uptrend. Market Internals are showing bullish signals.

Relative Strength – Sectors.

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

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


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