27 October 2021 – A pullback

Indices/Indices as of close of 27 October 2021

Summary (The Week Ahead)
$DJT – UpTrend and accelerating upward momentum. /YM – UpTrend and decelerating upward momentum. /RTY – UpTrend and an decelerating upward momentum and in a preliminary Squeeze. /NQ – UpTrend and accelerating upward momentum. /ES – UpTrend with accelerating upward momentum.

The indices are now in an upTrend and there was a pullback after many days of gains.

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

Junk bond (HYG) and DBC are trending in opposite directions. This indicates a risk-on market.

Indices/Market Internals as of close of 27 October 2021 — Market Internals

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.514. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 140.6. Vix – 16.98.

Market internals are showing bullish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 27 October 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 XLK, XLY, XLE, XLF, XLB, XLI, XLP, XLV and XLU.

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

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