10 June 2021 – A market that is heading South?

Indices/Indices as of close of 10 Jun 2021

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

The indices are giving mixed signals. The Dow Transportation is heading downwards but the Russell 2000 is heading upwards.

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

Junk bond (HYG) and DBC are heading upwards. It is a risk-on market.

Indices/Market Internals as of close of 10 June 2021

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.37. Market Breadth – sloping upwards showing more gainers than losers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 154.81. Vix – 16.1.

Market internals are showing bullish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 10 June 2021

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

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

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