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16 October 2020 – Weekly Review – Indices closed indecisive for the week

Summary (Weekly Chart)
$DJTUpTrend with upward momentum. /YMUpTrend with upward momentum with preliminary Squeeze. /RTYUpTrend with upward momentum and in a preliminary Squeeze. /NQUpTrend with upward Momentum. /ESUpTrend with upward momentum.

The UpTrend and the momentum upwards remained.

/CL – DownTrend with upward momentum and in a tight Squeeze. /GCUpTrend with upward momentum. /ZBUpTrend with Downward momentum and in a preliminary Squeeze. HYG – DownTrend with upward momentum and in a preliminary Squeeze.

$DXY – DownTrend and with downward momentum. EUR/USDUpTrend and with upward momentum. USD/JPYDownTrend with downward momentum and in a preliminary chart.

Summary (Daily Chart)
$DJTUpTrend with upward momentum. /YM – UpTrend with upward momentum. /RTY – UpTrend with upward momentum. /NQ – UpTrend with upward momentum. /ES – UpTrend with Upward momentum and in a preliminary Squeeze.

/CL – DownTrend with upward momentum and in a Squeeze. /GC – Sidewards and sidewards momentum. /ZB –DownTrend with downward momentum. HYG – UpTrend with upward momentum.

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

Market Internals (Daily Chart)
Market SentimentExtremely Bullish. Put/Call ratio – 0.589. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Vix – 25.00 and Vix Futures – 26.80. Skew – 121.93.

The indices continue to trade upwards on continuing stimulus talks. Market Sentiment continues to be extremely bullish and market breadth is showing more gainers than losers and market volume is showing accumulation. Vix has trended downwards and Skew is normal.

Gold and Oil have been range-trading for the last week. High Yield bond (HYG) which measures market appetite for risk is trending upwards. It is a risk-on market.

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

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


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