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2 September 2020 – Ever higher for indices

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 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 – 0.487. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping upwards and showing accumulation. Vix –26.57. Vix Futures – 28.70. Skew – 141.10.

Indices continued to breakout to new all time highs. RSI is above 80 which is exceptionally high. The election is still about 10 weeks away.

Relative Strength – Sectors.

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

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


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