17 May 2021 – Back on the upTrend

Indices/Indices as of close of 17 May 2021

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

The indices are back on an UpTrend.

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

Junk bond (HYG) is range trading and DBC is in a UpTrend. We can expect a the indices to continue on its upTrend.

Indices/Market Internals as of close of 17 May 2021

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.588. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping upwards showing accumulation. Skew – 138.35. Vix – 19.72.

Market internals are showing bullish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 17 May 2021

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

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

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