25 May 2021 – A Slow volatile upTrend

Indices/Indices as of close of 25 May 2021

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

The indices 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 and in a preliminary Squeeze.

Junk bond (HYG) and DBC have turned upwards.

Indices/Market Internals as of close of 25 May 2021

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.6. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping upwards showing accumulation. Skew – 144.6. Vix – 18.84.

Market internals are showing bullish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 25 May 2021

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

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

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