20 May 2021 – The bulls are still around

Indices/Indices as of close of 20 May 2021

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

The indices are giving mixed signal and range trading.

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

Junk bond (HYG) and DBC has turned downwards.

Indices/Market Internals as of close of 20 May 2021

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.585. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 142.96. Vix – 20.67.

Market internals are showing bearish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 20 May 2021

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

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

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