6 May 2021 – Dow Industrial all time high

Indices/Indices as of close of 6 May 2021

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

New all time high in the Dow Transportation and Industrial.

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

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

Indices/Market Internals as of close of 6 May 2021

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.649. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping upwards showing accumulation. Skew – 144.47. Vix – 18.39.

Market internals are showing bullish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 6 May 2021

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

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

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