24 May 2022 – A slow bottoming?

Indices/Indices as of close of 23 May 2022

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

The indices are trending downward.

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

Daily Tight Squeezes (The Week Ahead)
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Daily Squeezes (The Week Ahead)
/CL, /ZB, /ZN, AUD/NZD, DBC, NZD/USD

Preliminary Squeezes
$DXY, /GC, /RTY, /SI, /YM, EUR/NZD, EUR/USD, USD/JPY

Indices/Market Internals as of close of 23 May 2022 — Market Internals

Market Internals
Market Sentiment – Bearish. Put/Call ratio – 1.056. Market Breadth – sloping upwards showing more gainers than losers. Volume Acc/Dis – sloping downwards showing distribution. Vix – 29.45.

Market internals are bearish.

Relative Strength – Sectors

Indices/S&P 500 Sectors as close of 23 May 2022 — 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 XLE, XLU, XLB, XLV, XLF, XLP, XLK, XLI, XLC and XLY.

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

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