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10 July 2020 – Nasdaq 100 continues all time high

Summary (Weekly Chart)
$DJT – UpTrend and in a preliminary Squeeze. /YMUpTrend and in a preliminary Squeeze. /RTYUpTrend and in a preliminary Squeeze. /NQUpTrend. /ESUpTrend and in a preliminary Squeeze.

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

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

Summary (Daily Chart)
$DJTUpTrend and in a Squeeze. /YMUpTrend and in a tight Squeeze. /RTY – DownTrend and in a tight Squeeze. /NQUpTrend. /ESUpTrend and in a Squeeze.

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

$DXYDownTrend and in a daily and weekly Squeeze. EUR/USDUpTrend and in a tight Squeeze. USD/JPY – DownTrend and in a daily and weekly Squeeze.

Market Internals (Daily Chart)
Market SentimentExtremely Bullish. Put/Call ratio – 0.601. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping upward and showing accumulation. Vix – 27.29 and Vix Futures – 28.88. Skew – 135.68.

The Nasdaq 100 and the S&P 500 are rather bullish while the Dow Transportation is lagging behind. The HYG high yield bond ETF is range trading. With more and more stimulus pumping the economy, the financial market is on a tear. It will take some time before the bullishness subsides but when it does, the pullback will be substantial.

The prognosis is for the bullishness to continue.

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

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


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