24 May 2021 – Indices bounced

Indices/Indices as of close of 24 May 2021

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

The indices have have bounced upwards.

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

Junk bond (HYG) and DBC have turned upwards.

Indices/Market Internals as of close of 24 May 2021

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.614. Market Breadth – sloping upwards showing more gainers than losers. Volume Acc/Dis – sloping upwards showing accumulation. Skew – 144.64. Vix – 18.4.

Market internals are showing bullish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 24 May 2021

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

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

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