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28 May 2021 – Weekly Review – The bullishness continues

Summary (Weekly Chart)

$DJTUpTrend with upward momentum. /YMUpTrend with upward momentum. /RTYSideward Trend with sideward momentum and in a Squeeze. /NQUpTrend with sideward momentum and in a Squeeze. /ESUpTrend with upward momentum.

The indices are still in an UpTrend on the weekly chart.

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

Both HYG and DBC are in an UpTrend and as such the upTrend is intact.

$DXYDownTrend with downward momentum and in a preliminary Squeeze. EUR/USDUpTrend with upward momentum and in a preliminary Squeeze. USD/JPYUpTrend with upward momentum.

US Dollar continue its downtrend.

Summary (Daily Chart)
$DJTUpTrend with upward momentum and in a Squeeze. /YMUpTrend with upward momentum and in a Squeeze. /RTYUpTrend with upward momentum and in a preliminary Squeeze. /NQUpTrend with upward momentum and in a preliminary Squeeze. /ESUpTrend with upward momentum and in a Squeeze.

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

Commodities are in a upTrend. High Yield bond (HYG) is also in an upTrend. It is a risk-on market.

$DXYDownTrend with upward momentum. EUR/USDUpTrend with downward momentum. USD/JPYUpTrend with upward momentum.

Market Internals (Daily Chart)
Market SentimentExtremely Bullish . Put/Call ratio – 0.486. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Skew – 155.31. Vix – 16.76.

Market Internals are showing strength and the market is overstretched.

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

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

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