20 April 2021 – A small pullback?

Indices/Indices as of close of 20 Apr 2021

Summary (The Week Ahead)
$DJT – UpTrend and sideward momentum. /YM – UpTrend and upward momentum. /RTY – Downward Trend and downward momentum and in a Squeeze. /NQ – UpTrend with upward momentum. /ES – UpTrend with downward momentum.

The indices are showing signs of turning.

/CL – UpTrend and upward momentum and in a Squeeze. /GC – UpTrend and upward momentum and in a preliminary Squeeze. /ZB – UpTrend and upward momentum and in a Squeeze. HYG – UpTrend with downward momentum. DBC – UpTrend with upward momentum.

Junk bond (HYG) is showing signs of pulling back and DBC is still in an upTrend.

Indices/Market Internals as of close of 20 Apr 2021

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.656. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 134.87. Vix – 18.68.

Market internals are showing weakness.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 20 Apr 2021

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

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

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