28 September 2021 – Indices sold off, debt ceiling fears

Indices/Indices as of close of 28 September 2021

Summary (The Week Ahead)
$DJT – DownTrend and decelerating downward momentum. /YM – DownTrend and decelerating downward momentum. /RTY – UpTrend and decelerating downward momentum. /NQ – DownTrend and accelerating downward momentum. /ES – DownTrend with accelerating downward momentum.

The indices sold off on fears off another US government shutdown.

/CL – UpTrend and accelerating upward momentum. /GC – DownTrend and accelerating downward momentum. /ZB – DownTrend and accelerating downward momentum. HYG – DownTrend with accelerating downward momentum. DBC – UpTrend with accelerating upward momentum.

Junk bond (HYG) and DBC are both in an upTrend and with upward momentum. This indicate a risk-on market.

Indices/Market Internals as of close of 28 September 2021 — Market Internals

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.528. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 140.08. Vix – 23.25.

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

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 28 September 2021 — Ranking the Strength of the S&P 500 ETFs over 12 month period

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

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

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