Is the market turning?

Indices/Indices as of close of 1 Jun 2021

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

The indices have bounced upwards.

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

Junk bond (HYG) and DBC have turned upwards.

Indices/Market Internals as of close of 1 June 2021

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.494. Market Breadth – sloping upwards showing more gainers than losers. Volume Acc/Dis – sloping upwards showing accumulation. Skew – 149.04. Vix – 17.9.

Market internals are showing bullish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 1 June 2021

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

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

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