10 August 2023 – Oil rises, instability in Persian Gulf

Indices/Indices as of close of 10 August 2023 — Chart 1: Overall market analysis of the indices, oil, gold, bond and US dollar index

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

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

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

Daily Tight Squeezes (The Week Ahead)
/BTC

Daily Squeezes (The Week Ahead)
/RTY, /YM

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

Indices/Market Internals as of close of 10 August 2023 — Chart 2 – Market Internals

Market Internals
Market Breadth – below threshold showing more losers than gainers.
Volume Acc/Dis – below threshold showing distribution.
Vix – 15.85
QTiTTs signal is Neutral.

Relative Strength – Sectors

Indices/S&P 500 Sectors as close of 10 August 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 XLE, XLI, XLV, XLF, XLC, XLY, XLB, XLP, XLK and XLU.

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

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

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