18 November 2021 – Dow pulls back hard

Indices/Indices as of close of 17 November 2021

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

The indices are giving mixed signals.

/CL – DownTrend and decelerating upward momentum and in a preliminary Squeeze. /GC – UpTrend and accelerating upward momentum. /ZB – Sideward Trend and decelerating upward momentum. HYG – DownTrend with accelerating downward momentum and in a preliminary Squeeze. DBC – Sideward Trend with decelerating downward momentum.

Indices/Market Internals as of close of 17 November 2021 — Market Internals

Market Internals
Market Sentiment – Extremely Bullish. Put/Call ratio – 0.499. Market Breadth – sloping downwards showing more losers than gainers. Volume Acc/Dis – sloping downwards showing distribution. Skew – 144.8. Vix – 17.59.

Market internals are showing bearish bias.

Relative Strength – Sectors.

Indices/S&P 500 Sectors as close of 17 November 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 XLK, XLY, XLI, XLB, XLE, XLP, XLV, XLF and XLU.

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

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