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21 September 2020 – Indices pulled back

Summary (The Week Ahead)
$DJTUpTrend and upward momentum and in a preliminary Squeeze. /YM – DownTrend, downward momentum and in a preliminary Squeeze. /RTY – DownTrend, Downward momentum and in a preliminary Squeeze. /NQ – DownTrend and Downward momentum. /ES – DownTrend and Downward momentum.

The indices are are turning downward. Momentum has shifted downwards last week.

/CL – DownTrend with upward momentum. /GC – Downtrend and downward momentum and in a tight Squeeze. /ZB – DownTrend with downward momentum and in a Squeeze. HYG – DownTrend with downward momentum and in a preliminary Squeeze. DBC – UpTrend and Upward momentum.

Junk bond (HYG) and DBC are giving mixed signals and as such, the indices are likely to be volatile and range trade.

$DXY – DownTrend with upward momentum and in a Squeeze. EUR/USD – UpTrend with downward momentum and in a tight Squeeze. USD/JPY – DownTrend and with downward momentum and in a preliminary Squeeze.

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.746. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping upwards and showing distribution. Vix –28.11. Vix Futures – 31.45. Skew – 130.64.

The market internals are indicating that the indices are trending downwards.

Relative Strength – Sectors.

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

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


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