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3 September 2020 – The indices came running down!!

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

The indices sold off as it was extremely overbought with many days of new all-time highs. The UpTrend continues but momentum is reversing downward.

/CL – DownTrend and in a Squeeze. /GC – Sideways and in a preliminary Squeeze. /ZB – DownTrend with upward momentum. HYG –DownTrend and in a preliminary Squeeze. DBC – DownTrend and in a preliminary Squeeze.

Junk bond (HYG) and DBC has slowing upTrend momentum. It has not yet turned downwards.

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

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.707. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping upwards and showing accumulation. Vix –33.60. Vix Futures – 33.85. Skew – 144.66.

Indices dropped nearly 5% after many days of exuberant buying.

Relative Strength – Sectors.

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

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


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