22 April 2021 – A slow turn downwards

Indices/Indices as of close of 19 Apr 2021

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

The indices are trending upwards but momentum is turning.

/CL – UpTrend and downward momentum and in a Squeeze. /GC – UpTrend and upward momentum. /ZB – UpTrend and upward momentum and in a preliminary Squeeze. HYG – UpTrend with downward momentum. DBC – UpTrend with upward momentum.

Junk bond (HYG) is showing sign of turning downward and DBC is still in an upTrend. The indices are showing signs of a slow turn.

Indices/Market Internals as of close of 19 Apr 2021

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.603. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 138.09. Vix – 18.71.

Market internals are showing bullishness.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 19 Apr 2021

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

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

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