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13 May 2021 – Indices bounced

Summary (The Week Ahead)
$DJTUpward Trend and upward momentum. /YMDownTrend and downward momentum and in a Squeeze. /RTYDownTrend and downward momentum and in a preliminary Squeeze. /NQDownTrend with downward momentum. /ESDownTrend with downward momentum and in a Squeeze.

The indices bounced back and recovered back to its 21 EMA.

/CLUpTrend and downward momentum and in a preliminary Squeeze. /GCUpTrend and upward momentum and in a preliminary Squeeze. /ZBDownTrend and downward momentum and in a Squeeze. HYGDownTrend with downward momentum and in a preliminary Squeeze. DBCUpTrend with upward momentum.

Junk bond (HYG) is range trading and DBC has pulled back. Based on this, we can expect a range trading market or a market with some selling pressure.

Market Internals
Market SentimentBullish. Put/Call ratio – 0.739. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 139.26. Vix – 23.13.

Market internals are showing bearishness.

Relative Strength – Sectors.

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

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

To Your Wealth!
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