10 May 2021 – All Time Highs, Dow Futures hits 35,000

Indices/Indices as of close of 10 May 2021

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

The indices hits all time high and then pulled back. Dow Futures touched 35,000.

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

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

Indices/Market Internals as of close of 10 May 2021

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.639. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping upwards showing accumulation. Skew – 142.72. Vix – 19.66.

Market internals are showing bullishness.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 10 May 2021

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

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

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