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7 December 2020 – New highs in indices

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

The indices are continued to make new all-time highs. UpTrend remains.

/CLUpTrend and upward momentum. /GCUpTrend and upward momentum. /ZB – DownTrend and downward momentum and in a preliminary Squeeze. HYGUpTrend with upward momentum and in a preliminary Squeeze. 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. USD/JPYDownTrend with downward momentum and in a preliminary Squeeze.

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.478. Market Breadth – sloping upwards showing more gainers than losers. Volume Acc/Dis – sloping upwards and showing accumulation. Skew – 132.44. Vix – 21.3.

Market internals are showing accumulation and strong bullish bias. UpTrend remains intact.

Relative Strength – Sectors.

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

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


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