23 May 2023 – Debt ceiling fears

Indices/Indices as of close of 23 May 2023 — Chart 1: Overall market analysis of the indices, oil, gold, bond and US dollar index

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

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

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

Daily Tight Squeezes (The Week Ahead)
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Daily Squeezes (The Week Ahead)
$DJT, /CL, /ES, /RTY, /YM, SPX

Preliminary Squeezes (The Week Ahead)
/BTC, /GC, DBC, HYG

Indices/Market Internals as of close of 23 May 2023 — Chart 2 – Market Internals

Market Internals
Market Sentiment – Bearish
Put/Call ratio – 1.199
Market Breadth – below threshold showing more losers than gainers.
Volume Acc/Dis – below threshold showing distribution.
Vix – 18.53
QTiTTs signal is Upward.

Relative Strength – Sectors

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

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

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

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