5 May 2021 – Up and down

Indices/Indices as of close of 5 May 2021

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

The indices are diverging as some are impacted more with interest rates hike.

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

Junk bond (HYG) is range trading and DBC is in an upTrend. Based on this, we can expect a range trading market.

Indices/Market Internals as of close of 5 May 2021

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.587. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping upwards showing accumulation. Skew – 142.12. Vix – 19.15.

Market internals are showing bullishness.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 5 May 2021

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

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

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