29 May 2020: Weekly Review – Indices broke out

Indices/Indexes as of close of 29 May 2020

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

/CL – UpTrend. /GC – UpTrend and in a preliminary Squeeze. /ZB – UpTrend. HYG – DownTrend.

$DXY – DownTrend and in a Squeeze. EUR/USD – UpTrend and in a Squeeze. USD/JPY – DownTrend and in a nested Squeeze.

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

/CL – UpTrend. /GC – UpTrend and in a Squeeze. /ZB – DownTrend. HYG – UpTrend.

$DXY – DownTrend and in a preliminary Squeeze. EUR/USD – UpTrend and exited Squeeze. USD/JPY – UpTrend and in a preliminary Squeeze.

Market Internals (Daily Chart)
Market Sentiment – Bullish. Put/Call ratio – 0.756. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping downward and showing distribution. Vix – 27.51 and Vix Futures – 28.85. Skew – 131.72.

The indices have broken upwards. Oil continues to trade upwards and has reached above US30+ per barrel. Gold is still trading above US$ 1700 and range trading.

As the US economy opens up, there should be more good news relating to the economy. The prognosis is a continuing upTrend for the indices.

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

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

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