4 August 2021 – August volatility!

Indices/Indices as of close of 4 August 2021

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

The indices remained volatile.

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

Junk bond (HYG) and DBC are both turning downwards. The market is turning downwards.

Indices/Market Internals as of close of 4 August 2021

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.612. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 151.4. Vix – 17.97.

Market internals are showing bearish bias and the Skew is extremely high.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 4 August 2021

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

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

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