4 September 2020 – Weekly Review – A down week for the indices

Summary (Weekly Chart)
$DJT – UpTrend. /YM – UpTrend. /RTY – UpTrend. /NQ – UpTrend. /ES – UpTrend.

The UpTrend in the indices continues.

/CL – UpTrend. /GC – UpTrend. /ZB – DownTrend and in a Squeeze. HYG – UpTrend.

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

Summary (Daily Chart)
$DJT – UpTrend. /YM – DownTrend. /RTY – DownTrend and in a tight Squeeze. /NQ – DownTrend. /ES – DownTrend.

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

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

Market Internals (Daily Chart)
Market Sentiment – Bullish. Put/Call ratio – 0.786. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping downward and showing distribution. Vix – 30.75 and Vix Futures – 29.85. Skew – 133.28.

The indices pulled back for the week. Momentum is downwards. Gold has been trading sideways has broken downwards. This is ominous as it means that the indices could be continue to break downwards as well.

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

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