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16 July 2021 – Weekly Review – The beginning of a pullback?

Summary (Weekly Chart)

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

The indices are in an UpTrend on the weekly chart and the S&P 500 and Nasdaq 100 are making new all-time highs.

/CLUpTrend with upward momentum. /GCSideward Trend with downward momentum. /ZBUpTrend with upward momentum. HYGUpTrend with upward momentum and in a preliminary Squeeze. DBCUpTrend with upward momentum.

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

$DXYUpTrend with upward momentum and in a preliminary Squeeze. EUR/USDDownTrend with downward momentum and in a preliminary Squeeze. USD/JPYUpTrend with upward momentum and in a Squeeze.

US Dollar is now in an Uptrend.

Summary (Daily Chart)
$DJTDownTrend with downward momentum and in a preliminary Squeeze. /YMUpTrend with upward momentum. /RTYDownTrend with downward momentum. /NQUpTrend with upward momentum. /ESUpTrend with upward momentum.

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

Oil is now in a DownTrend. Commodities are turning downward. High Yield bond (HYG) which measures market appetite for risk is trending downwards. It is a risk-off market.

$DXYUpTrend with upward momentum and in apreliminary Squeeze. EUR/USDDownTrend with downward momentum and in a preliminary Squeeze. USD/JPYDownTrend with downward momentum and in a preliminary Squeeze.

Market Internals (Daily Chart)
Market SentimentBullish . Put/Call ratio – 0.707. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping downward and showing distribution. Skew – 151.94. Vix – 18.45.

Market Internals are showing strength.

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

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

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