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24 September 2020 – Europe in second wave of pandemic

Summary (The Week Ahead)
$DJT – UpTrend and downward momentum and in a Squeeze. /YM – DownTrend and downward momentum. /RTY – DownTrend with Downward momentum and in a preliminary Squeeze. /NQ – DownTrend and Downward momentum. /ES – DownTrend and Downward momentum.

The indices have turned downward. Both trend and momentum have shifted downwards.

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

It is risk off. Junk bond (HYG) and DBC are both trending downwards with downward momentum.

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

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.796. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards and showing distribution. Vix –28.51. Vix Futures – 31.80. Skew – 129.17.

Sentiment remains bullish but market internals are indicating that the indices are turning downwards.

Relative Strength – Sectors.

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

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


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