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15 May 2020 – Weekly Review – A small pullback before the next move up?

Summary (Weekly Chart)
$DJT – DownTrend. /YM – UpTrend. /RTY – DownTrend. /NQ – UpTrend. /ES – UpTrend.

/CL – DownTrend. /GCUpTrend and in a preliminary Squeeze. /ZBUpTrend. HYG – DownTrend.

$DXYUpTrend. EUR/USD – DownTrend and in a Squeeze. USD/JPY – DownTrend and in a Squeeze.

Summary (Daily Chart)
$DJT – DownTrend and in a preliminary Squeeze. /YM – DownTrend and in a Squeeze. /RTY – DownTrend and in a preliminary Squeeze. /NQUpTrend and in a preliminary Squeeze. /ESUpTrend and in a Squeeze.

/CLUpTrend. /GCUpTrend and in a Squeeze. /ZBUpTrend and in a Squeeze. HYGDownTrend.

$DXY – DownTrend and in a Squeeze. EUR/USD – DownTrend and in a Squeeze. USD/JPYUpTrend and in a preliminary Squeeze.

Market Internals (Daily Chart)
Market SentimentBullish. Put/Call ratio – 0.737. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping downward and showing distribution. Longer term Volume Acc/Dis is showing a DownTrend. Vix – 31.89 and Vix Futures – 32.12. Skew – 124.21.

Currently the earnings season is on and there are many companies affected by the shutdowns. Companies CEO has in many cases declined to forecast the figure affected.

Oil continues to recover from its lows and have climbed above US$29 per barrel. Gold is in a compression and headed upwards. It is likely that Gold will touch $1800. range trading for around the US$1700 per Troy ounce.

The prognosis is for a continued upward trend for the indices.

Relative Strength – Sectors On a 3-monthly lookback, the relative strength order of the S&P ETF 500 sectors are XLV, XLY, XLK, SPX, SPY, XLB, /ES, XLB, XLP, XLE, XLI, XLU and XLF.

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


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