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Z_Top5_24June 2022

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15 July 2021 – The signs of the beginning of a pullback?

Summary (The Week Ahead)
$DJTDownTrend and downward momentum and in a Squeeze. /YMUpTrend and Upward momentum. /RTYSideward Trend and downward momentum and in a preliminary Squeeze. /NQ UpTrend and upward momentum. /ESUpTrend with upward momentum.

The Dow Transportation and Russell 2000 are both heading downwards and the S&P 500 and Nasdaq 100 did not make any new highs.

/CLDownTrend and downward momentum and in a Squeeze. /GCUpTrend and upward momentum and in a preliminary Squeeze. /ZBUpTrend and upward momentum and in a preliminary Squeeze. HYGUpTrend with downward momentum. DBCUpTrend with downward momentum and in a preliminary Squeeze.

Junk bond (HYG) and DBC are showing signs of turning downwards.

Market Internals
Market SentimentBullish. Put/Call ratio – 0.6. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 154.15. Vix – 17.01.

Market internals are showing bearish bias and the Skew is extremely high. The number of stocks going up is narrowing. The stage is set for this market to continue to be volatile and reverse downward.

Relative Strength – Sectors.

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

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

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