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19 June 2020 – Weekly Review – Volatility continues in range trading

Summary (Weekly Chart)
$DJTUpTrend and in a monthly Squeeze. /YMUpTrend. /RTYUpTrend and in a monthly Squeeze. /NQUpTrend. /ESUpTrend.

/CLUpTrend. /GCUpTrend and in a preliminary Squeeze. /ZBUpTrend. HYGUpTrend.

$DXY – DownTrend and in a Squeeze. EUR/USDUpTrend and in a Squeeze. USD/JPYDownTrend and in a nested Squeeze.

Summary (Daily Chart)
$DJT – DownTrend. /YM –DownTrend. /RTY – DownTrend. /NQ – UpTrend and in a preliminary Squeeze. /ES – DownTrend and in a preliminary Squeeze.

/CL –UpTrend and in a preliminary Squeeze. /GCUpTrend and in a nested Squeeze. /ZBUpTrend. HYGUpTrend and in a preliminary Squeeze.

$DXYUpTrend and in a weekly Squeeze. EUR/USD – DownTrend and in a monthly Squeeze. USD/JPY – DownTrend and in a monthly Squeeze.

Market Internals (Daily Chart)
Market SentimentBearish. Put/Call ratio – 0.76. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping downward and showing distribution. Vix – 35.12 and Vix Futures – 35.15. Skew – 125.38.

Nasdaq 100 continues to outperform the other indices. The UpTrend continues on the weekly chart for all indices. On the daily chart, it has turned downwards for all indices except for the Nasdaq 100.

The prognosis is a sideways trading for the indices as the FED has been buying up the Treasury bonds and ETFs in support of the market.

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

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


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