18 May 2021 – Indices pulled back, have we seen the highs?

Indices/Indices as of close of 18 May 2021

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

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

Junk bond (HYG) is range trading and DBC is in a UpTrend. We can expect a the indices to range trade.

Indices/Market Internals as of close of 18 May 2021

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.557. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping upwards showing accumulation. Skew – 139.46. Vix – 21.34.

Market internals are showing bullish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 18 May 2021

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

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

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