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1 September 2020 – Zoom Video Outperforms

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

The indices continue to trend upward.

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

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

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

Market Internals
Market Sentiment – Very Bullish. Put/Call ratio – 0.477. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping upwards and showing accumulation. Vix –26.12. Vix Futures – 28.28. Skew – 142.28.

Zoom Video surged over 25% based on outperformance. The indices continued to power upwards by fewer and fewer stocks. We are in an exuberant market where there is too much liquidity. Market Breadth has narrowed and only a few major companies such as Apple, Zoom Video are powering upwards.

Relative Strength – Sectors.

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

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


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