18 June 2020 – Indecision but the bulls are poised!

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

Indices are in upTrend and looked poised to push it further upward.

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

Junk bond (HYG) and commodities (DBC) are range trading.

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

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.644. Market Breadth – sloping downward showing more losers to gainers. Volume Acc/Dis – sloping upward and showing accumulation. Vix –32.94. Vix Futures – 34.20. Skew – 134.90.

The indices looked poised to surge higher. Every bad news resulted in a minor selloff and has been pushed back up. This is could due to FED action such as buying ETFs which will result in the Japanification of the US stockmarket. The prognosis is for the indices to breakout to new highs.

Relative Strength – Sectors.

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

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

Indices/Indexes as of close of 18 Jun 2020

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