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30 November 2020 – Overbullishness, indices pulled back

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

The indices are all aligned in an UpTrend. It pulled back today due to overbullishness but the upTrend remains intact.

/CLUpTrend and upward momentum. /GCDownTrend and downward momentum. /ZB – UpTrend and upward momentum and in a preliminary Squeeze. HYGUpTrend with upward momentum. DBCUpTrend with upward momentum.

Junk bond (HYG) and DBC are both in an upTrend with upward momentum. That is a good sign that we are in an UpTrend market.

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

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.54. Market Breadth – sloping upwards showing more gainers than losers. Volume Acc/Dis – sloping downwards and showing distribution. Skew – 133.9. Vix – 20.57.

Market internals are giving bullish signals showing that the indices are in an UpTrend.

Relative Strength – Sectors.

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

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


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