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24 July 2020 – Gold surges to new 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.

/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 preliminary Squeeze. USD/JPYDownTrend and in a preliminary Squeeze.

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

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

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

Market Internals (Daily Chart)
Market SentimentBullish. Put/Call ratio – 0.763. Market Breadth – sloping downward showing losers than gainers. Volume Acc/Dis – sloping downward and showing distribution. Vix – 25.84 and Vix Futures – 28.78. Skew – 139.40.

The indices are pulling back and the Gold and Bond futures continue to trend upward. It is likely that bond will continue to move upward.

The prognosis is for the indices to pullback as it comes under selling pressure.

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

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


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