12 May 2021 – Indices pulled back

Indices/Indices as of close of 12 May 2021

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

The indices have pulled back. May is generally a weak month.

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

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

Indices/Market Internals as of close of 12 May 2021

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.812. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 142.6. Vix – 27.59.

Market internals are showing bearishness.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 12 May 2021

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

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

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