15 June 2020 – The bulls are back!

Summary (The Week Ahead)
$DJT – DownTrend. /YM – DownTrend. /RTY – DownTrend. /NQ – DownTrend. /ES – DownTrend.

Indices are in downTrend but are reversing upward.

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

Junk bond (HYG) and commodities (DBC) are in a downTrend but is reversing upward.

$DXY – DownTrend. EUR/USD – UpTrend. USD/JPY – DownTrend.

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.745. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping downward and showing distribution. Vix –34.40. Vix Futures – 33.05. Skew – 137.33.

The indices sold off hard before market opened and recovered. It was the bulls versus the bears for the first half hour before the bulls prevailed. As the indices climbed, the bond futures and gold pulled back. US dollar index continues to be in a downTrend. Market Internals are showing volatility but with bullish bias. The prognosis is for volatility as the market bulls and bears fight for the control of the market. With the liquidity in the market, the bulls are expected to prevail.

Relative Strength – Sectors.

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

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

Indices/Indexes as of close of 15 Jun 2020

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