19 July 2021 – A pullback

Indices/Indices as of close of 19 July 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 – DownTrend and downward momentum. /NQ – Sideward Trend and downward momentum. /ES – DownTrend with downward momentum.

The indices have turned and are heading downwards.

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

Junk bond (HYG) and DBC are in a downTrend.

Indices/Market Internals as of close of 19 July 2021

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.74. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 155.74. Vix – 22.5.

Market internals are showing bearish bias and the Skew is extremely high. Vix is trending upwards.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 19 July 2021

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

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

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