10 June 2020 – Nasdaq at new All-time high

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 – 0.578. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping downward and showing distribution. Vix –27.57. Vix Futures – 29.10. Skew – 127.74.

The indices pulled back but is still in a upTrend. Bond market is in a DownTrend but is retracing upward. Gold found some buyers and it is now above $1700 and is in a upTrend. US dollar index is in a down trend. Market Internals are showing bullish signals and has pulled back from an overbought market. 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 XLK, SPX, XLY, SPY, XLV, XLP, /ES, XLB, XLU, XLI, XLE and XLF.

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

Indices/Indexes as of close of 10 Jun 2020

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