9 March 2023 – Indices headed down

Indices/Indices as of close of 9 March 2023 — Chart 1: Overall market analysis of the indices, oil, gold, bond and US dollar index

Summary (The Week Ahead)
$DJT – NoTrend and Downward momentum.
/ES – DownTrend and Downward momentum.
/NQ – Neutral and Downward momentum.
/RTY – DownTrend and Downward momentum.
/YM – DownTrend and Downward momentum.

/CL – DownTrend and Downward momentum.
/GC – DownTrend and Neutral momentum.
/ZB – Neutral Trend and Upward momentum.
DBC – DownTrend and Downward momentum.
HYG – DownTrend and Downward momentum.

$DXY – UpTrend and Neutral momentum.
EUR/USD – DownTrend and Neutral momentum.
USD/JPY – UpTrend and Neutral momentum.

Daily Tight Squeezes (The Week Ahead)
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Daily Squeezes (The Week Ahead)
/CL, /ZB, EUR/USD

Preliminary Squeezes (The Week Ahead)
$DJT, $DXY, /GC, /NQ, /ZN, DBC, HYG, NDX

Indices/Market Internals as of close of 9 March 2023 — Chart 2 – Market Internals

Market Internals
Market Sentiment – Extremely Bearish
Put/Call ratio – 0.888
Market Breadth – below threshold showing more losers than gainers.
Volume Acc/Dis – below threshold showing distribution.
Vix – 22.611

QTiTTs signal is Downward.

Relative Strength – Sectors

Indices/S&P 500 Sectors as close of 9 March 2023 — Chart 3 – 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, XLI, XLC, XLY, XLB, XLU, XLP, XLE, XLF and XLV.

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

In chart 4 above shows the 1 minute chart of the /RTY.

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