17 June 2021 – Nasdaq at new high, Dow tanks

Indices/Indices as of close of 17 Jun 2021

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

The indices are giving mixed signals. The Dow Transportation is heading downwards but the S&P 500 is heading upwards.

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

Junk bond (HYG) and DBC are diverging.

Indices/Market Internals as of close of 17 June 2021

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.573. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 161.01. Vix – 17.75.

Market internals are showing bearish bias.

Relative Strength – Sectors.

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

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

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

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