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22 December 2020 – Indices are in a tight Squeezes

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

The indices are showing some weakness as it very stretched from the continuous uptrend. The Russell 2000 is trending strongly. UpTrend remains.

/CLUpTrend and downward momentum. /GCUpTrend and Upward momentum. /ZBDownTrend and upward momentum and in a Squeeze. HYGUpTrend with downward momentum and in a 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.

$DXYDownTrend 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 – 0.479. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards and showing distribution. Skew146.5. Vix24.23.

Market Internals continue to show distribution. Skew is above 142 giving warning of a Fat-Tail event. UpTrend remains intact but warning bells are ringing.

Relative Strength – Sectors

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

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

To Your Wealth!
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