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3 May 2021 – A ranging market?

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

The indices are range trading for now.

/CLUpTrend and upward momentum. /GCUpTrend and upward momentum and in a preliminary Squeeze. /ZBSideward Trend and sideward momentum and in a Squeeze. HYGUpTrend with downward momentum and in a Squeeze. DBCUpTrend with upward momentum.

Junk bond (HYG) is range trading and DBC are in an upTrend. Based on this, we can expect a range trading market.

Market Internals
Market SentimentExtremely Bullish. Put/Call ratio – 0.566. Market Breadth – sloping upwards showing more gainers than losers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 143.75. Vix – 18.31.

Market internals are showing bullishness.

Relative Strength – Sectors.

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

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

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