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20 October 2020 – Market Sentiment remains overwhelming bullish

Summary (The Week Ahead)
$DJTUpTrend and upward momentum. /YMUpTrend and downward momentum. /RTYUpTrend with Upward momentum. /NQUpTrend with downward momentum. /ESUpTrend with downward momentum.

The indices are pulling back.

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

Indices are pulling back and the probable cause is that the market is more risk adverse. The likely reason is the US election which may end up to be a contested election. Junk bond (HYG) is trending downwards with downward momentum and DBC is turning upwards with upward momentum. The signals are mixed.

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

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.619. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping upwards and showing accumulation. Vix –29.35. Skew – 125.31.

Market internals are showing indecision as stimulus package in Congress is held up. Indices are pulling back.

Relative Strength – Sectors.

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

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


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