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9 November 2020 – Vaccine hopes, Indices new historic highs

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

The indices surged upwards as news that vaccine trials from Pfizer and Moderna has about 90% effectiveness.

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

Investors piled into the market as news of a vaccine trials by Pfizer are shown to be 90% effective. Junk bond (HYG) is in uptrend with upward momentum and DBC is in downTrend with upward momentum. The bulls are getting back into the market.

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

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.552. Market Breadth – sloping upwards showing more gainers than losers. Volume Acc/Dis – sloping upwards and showing accumulation. Vix –25.75. Skew – 127.41.

Market internals are giving bullish signals.

Relative Strength – Sectors.

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

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


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