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26 October 2020 – Election nears, market drops

Summary (The Week Ahead)
$DJTUpTrend and downward momentum. /YM – DownTrend and downward momentum. /RTYUpTrend with Upward momentum. /NQUpTrend with downward momentum and with preliminary Squeeze. /ESUpTrend with downward momentum.

The indices are pulled back as Covid-19 cases surged.

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

Indices pulled back as Covid-19 is out of control in the US of A. Junk bond (HYG) is in downtrend with downward momentum and DBC is in downTrend with downward momentum.

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

Market Internals
Market Sentiment – Just Bullish. Put/Call ratio – 0.79. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping upwards and showing accumulation. Vix –32.46. Skew – 126.05.

Market internals are showing signs of bearishness election nears.

Relative Strength – Sectors.

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

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


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