9 June 2020 – Protests continue in US of A

Summary (The Week Ahead)
$DJT – UpTrend. /YM – UpTrend. /RTY – UpTrend. /NQ – UpTrend. /ES – UpTrend.

Indices upTrend continues.

/CL – UpTrend. /GC – UpTrend and in a Squeeze. /ZB – DownTrend. HYG – UpTrend. DBC – UpTrend.

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

$DXY – DownTrend. EUR/USD – UpTrend. USD/JPY – DownTrend.

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.565. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Vix –26.77. Vix Futures – 26.99. Skew – 124.93.

The indices continue to power upward. Bond market is in a DownTrend. Gold found some buyers and it is now above $1700 and is in a upTrend. US dollar index is in a down trend and the indices are in an uptrend. Market Internals are showing very bullish signals and are in overbought conditions. The prognosis is for a bullish bias in the market but trade with caution.

Relative Strength – Sectors.

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

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

Indices/Indexes as of close of 9 Jun 2020

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