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Z_Top5_24June 2022

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Z_Top5_23 June 2022

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2 August 2021 – Another pullback?

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

The indices are exhibiting indecisiveness. The leading indices which are the Dow Transportation and the Russell 2000 are heading South.

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

Junk bond (HYG) and DBC are diverging. Junk bond is now in a DownTrend with downward momentum. The market could be turning.

Market Internals
Market SentimentExtremely Bullish. Put/Call ratio – 0.696. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 153.3. Vix – 19.46.

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

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, XLU, XLY, XLP, XLI, /RTY, XLF, XLB, XLE and $DJT.

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

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