4 October 2021 – Debt ceiling spook market

Indices/Indices as of close of 4 October 2021

Summary (The Week Ahead)
$DJT – DownTrend and decelerating 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 sold off on fears off that the US government is unable to service its debt.

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

Junk bond (HYG) and DBC are trending in opposite directions. This indicate a risk-of market.

Indices/Market Internals as of close of 4 October 2021 — Market Internals

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.723. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping upwards showing accumulation. Skew – 130.87. Vix – 22.96.

Market internals are showing bullish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 4 October 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 XLE, XLF, XLY, XLU, XLB, XLI, XLP, XLK and XLV.

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

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