1 November 2022 – Bulls are in control?

Indices/Indices as of close of 1 Nov 2022 — Chart 1: Overall market analysis of the indices, oil, gold, bond and US dollar index

Summary (The Week Ahead)
$DJT – UpTrend and Upward momentum.
/YM – UpTrend and Upward momentum.
/RTY – UpTrend and Upward momentum.
/NQ – DownTrend and Upward momentum.
/ES – Neutral Trend and Upward momentum.

The indices are trending downward and momentum is upward.

/CL – DownTrend and Upward momentum.
/GC – DownTrend and Upward momentum.
/ZB – DownTrend and Upward momentum.
HYG – UpTrend and Upward momentum.
DBC – Neutral Trend and Neutral momentum.

Daily Tight Squeezes (The Week Ahead)
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Daily Squeezes (The Week Ahead)
/CL, /NQ, /ZN, USD/JPY

Preliminary Squeezes (The Week Ahead)
$DXY, /BTC, /GC, /SI, DBC, EUR/USD, NDX

Indices/Market Internals as of close of 1 Nov 2022 — Chart 2 – Market Internals

Market Internals
Market Sentiment – Bearish
Put/Call ratio – 1.283
Market Breadth – below threshold line showing more losers than gainers.
Volume Acc/Dis – above threshold line showing accumulation overall.
Vix – 25.81

QTiTTs signal is Bullish.

Relative Strength – Sectors

Indices/S&P 500 Sectors as close of 1 Nov 2022 — Chart 3 – 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, XLV, XLF, XLI, XLP, XLB, XLU, XLK, XLY and XLC.

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

In chart 4 above, there was the initial violent up/down movement that characterize the market Open. The Bears took initial control of the day’s trading till about midday. The bulls managed to bring it back up till about 2 pm before the bears took it back down. Just a range trading day.

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Definitions
Bullish bias – Candle Close is above 55 SMA and 8 EMA or 21 EMA and 8 EMA is above 21 EMA
Bullish – Candle Close is above 8 EMA, 21 EMA, 55 SMA and 8 EMA is above 21 EMA
Bearish bias – Candle Close is below 55 SMA and 8 EMA or 21 EMA and 8 EMA is below 21 EMA
Bearish – Candle Close is below 8 EMA, 21 EMA, 55 SMA and 8 EMA is below 21 EMA