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7 October 2020 – No news, Indices shot upwards!

Summary (The Week Ahead)
$DJTUpTrend and upward momentum and in a Squeeze. /YMUpTrend and upward momentum and in a Squeeze. /RTYUpTrend with Upward momentum and in a preliminary Squeeze. /NQUpTrend and Upward momentum and in a Squeeze. /ESUpTrend and Upward momentum.

The indices turned upwards on no news.

/CL – DownTrend and upward momentum and in a Squeeze. /GC – Sidewards and downward momentum. /ZB – DownTrend with downward momentum and in a preliminary Squeeze. HYGUpTrend with upward momentum and a preliminary Squeeze. DBCUpTrend and upward momentum and a preliminary Squeeze.

It is still a risk on market. Junk bond (HYG) is turning upwards and DBC is sideways.

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

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.588. Market Breadth – sloping upwards showing more gainers than losers. Volume Acc/Dis – sloping upwards and showing accumulation. Vix –28.06. Vix Futures – 29.95. Skew – 120.60.

Indices shot up on no news. With the US elections in less than 4 weeks, it looks like there will be a decisive victory. Sentiment continues to be bullish and indices are turning upwards. Vix remains high indicating high volatility. Skew is normal.

Relative Strength – Sectors.

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

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


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