21 September 2021 – Evergrande and the bears

Indices/Indices as of close of 21 September 2021

Summary (The Week Ahead)
$DJT – DownTrend and accelerating downward momentum. /YM – DownTrend and accelerating downward momentum. /RTY – DownTrend and accelerating downward momentum. /NQ – DownTrend and accelerating downward momentum. /ES – DownTrend with accelerating downward momentum.

The indices are pulling back.

/CL – UpTrend and decelerating upward momentum. /GC – DownTrend and accelerating downward momentum. /ZB – DownTrend and decelerating downward momentum. HYG – UpTrend with decelerating upward momentum. DBC – UpTrend with decelerating upward momentum.

Junk bond (HYG) and DBC are both in an upTrend and with upward momentum. This indicate a risk-on market.

Indices/Market Internals as of close of 21 September 2021 — Market Internals

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.827. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 139.98. Vix – 24.36.

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

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 21 September 2021 — Ranking the Strength of the S&P 500 ETFs over 12 month period

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

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

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