19 January 2023 – Bears in Control

Indices/Indices as of close of 19 January 2023 — 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 – DownTrend and Downward momentum.
/RTY – UpTrend and Upward momentum.
/NQ – DownTrend and Upward momentum.
/ES – DownTrend and Neutral momentum.

/CL – UpTrend and Upward momentum.
/GC – UpTrend and Upward momentum.
/ZB – UpTrend and Upward momentum.
HYG – UpTrend and Upward momentum.
DBC – No Trend and Upward momentum.

Daily Tight Squeezes (The Week Ahead)
/SI

Daily Squeezes (The Week Ahead)
/YM

Preliminary Squeezes (The Week Ahead)
$DJI, /CL

Indices/Market Internals as of close of 19 January 2023 — Chart 2 – Market Internals

Market Internals
Market Sentiment – Extremely Bearish.
Put/Call ratio – 0.981
Market Breadth – above threshold showing more gainers than losers.
Volume Acc/Dis – above threshold showing accumulation.
Vix – 20.52

QTiTTs signal is Bullish.

Relative Strength – Sectors

Indices/S&P 500 Sectors as close of 19 January 2023 — 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 XLC, XLB, XLE, XLI, XLF, XLK, XLY, XLU, XLV and XLP.

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

In chart 4 above shows the 1 minute chart of the /RTY.

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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