11 May 2021 – Is this the pullback?

Indices/Indices as of close of 11 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 – DownTrend with upward momentum and in a Squeeze.

The indices hits all time high and then pulled back. Momentum has now shifted to the downside.

/CL – UpTrend and upward momentum and in a preliminary Squeeze. /GC – UpTrend and upward momentum. /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 volatile range trading market.

Indices/Market Internals as of close of 11 May 2021

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.69. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 140.12. Vix – 21.84.

Market internals are showing bearish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 11 May 2021

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

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

To Your Wealth!
Would you like to learn to trade Stocks, Options or Futures? Drop us an email at jefftohch@gmail.com or call +6010 4343 948.
If you have been an unsuccessful trader and need personal tutorship, we can provide you with personal coaching to take you to be a profitable trader.