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8 July 2020 – Indices continue its surge

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

The indices are now in their volatility compression and continues to Squeeze higher.

/CLUpTrend and in a Squeeze. /GCUpTrend. /ZB – UpTrend. HYGUpTrend. DBCUpTrend.

Junk bond (HYG) is in an UpTrend and commodities (DBC) is in an UpTrend. Powerful uptrend signals.

$DXY – DownTrending and in a Squeeze. EUR/USD – UpTrend and in a Squeeze. USD/JPY – DownTrend and in a Squeeze.

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.551. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping upward and showing accumulation. Vix –28.08. Vix Futures – 29.30. Skew – 144.46.

Indices continue upwards with strong buying pressure. Now that we are after the 4th July celebration, it is likely that the buying pressure will taper off.

Relative Strength – Sectors.

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

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


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