13 August 2020 – Kamala Harris named to be Biden’s running mate

Summary (The Week Ahead)
$DJT – UpTrend. /YM – UpTrend. /RTY – UpTrend. /NQ – UpTrend and in a preliminary Squeeze. /ES – UpTrend.

The indices continue to trend upward.

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

Junk bond (HYG) is pulling back and DBC is still in an UpTrend. We might be seeing the indices pausing sideways.

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

Market Internals
Market Sentiment – Very Bullish. Put/Call ratio – 0.592. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Vix –22.26. Vix Futures – 23.27. Skew – 136.11.

The indices continue grinding upward but momentum is slowing.

Relative Strength – Sectors.

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

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

Indices/Indexes as of close of 13 Aug 2020

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