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8 October 2020 – Surge in indices

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

The indices are surging upwards.

/CL – Sidewards 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. DBCUpTrend and upward momentum and a preliminary Squeeze.

It is 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 – 0.558. Market Breadth – sloping upwards showing more gainers than losers. Volume Acc/Dis – sloping upwards and showing accumulation. Vix –26.36. Vix Futures – 27.90. Skew – 121.81.

Market internals are showing bullishness and with the US elections less than 4 weeks away, the market looks to have a certainty about the election.

Relative Strength – Sectors.

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

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


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