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Z_Top5_28June 2022

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20 August 2020 – Nasdaq at new all time high

Summary (The Week Ahead)
$DJTUpTrend. /YMUpTrend. /RTY – DownTrend. /NQUpTrend. /ESUpTrend.

The indices continue to trend upward.

/CL – Sideways and in a Squeeze. /GC – DownTrend and in a preliminary Squeeze. /ZB – DownTrend. HYGUpTrend and in a preliminary Squeeze. DBCUpTrend.

Junk bond (HYG) is trending sideways and DBC is still in an UpTrend. This is a sign that the uptrend is still intact.

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

Market Internals
Market Sentiment – Very Bullish. Put/Call ratio – 0.618. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping downward and showing distribution. Vix –22.72. Vix Futures – 25.70. Skew – 144.05.

The market internals are warning that this market is due for a pullback. Skew is above 142 and market sentiment is extremely bullish. The Market Breadth and Market Volume are indicating decreasing breadth and distribution is happening.

Relative Strength – Sectors.

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

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


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