26 April 2023 – The fall continues

Indices/Indices as of close of 26 April 2023 — Chart 1: Overall market analysis of the indices, oil, gold, bond and US dollar index

Summary (The Week Ahead)
$DJT – DownTrend and Downward momentum.
/ES – NoTrend and Downward momentum.
/NQ – NoTrend and Downward momentum.
/RTY – DownTrend and Downward momentum.
/YM – NoTrend and Downward momentum.

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

$DXY – DownTrend and Neutral momentum.
EUR/USD – UpTrend and Upward momentum.
USD/JPY – DownTrend and Downward momentum.

Daily Tight Squeezes (The Week Ahead)
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Daily Squeezes (The Week Ahead)
$DXY, /ES, /GC, /NQ, /SI, /YM, /ZN, EUR/USD, HYG

Preliminary Squeezes (The Week Ahead)
$DJT, /BTC, /RTY, /ZB, SPX, USD/JPY

Indices/Market Internals as of close of 26 April 2023 — Chart 2 – Market Internals

Market Internals
Market Sentiment – Extremely Bearish
Put/Call ratio – 0.895
Market Breadth – below threshold showing more losers than gainers.
Volume Acc/Dis – below threshold showing distribution.
Vix – 18.84
QTiTTs signal is Upward.

Relative Strength – Sectors

Indices/S&P 500 Sectors as close of 26 April 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 XLP, XLU, XLK, XLV, XLC, XLE, XLY, XLB, XLF and XLI.

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

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

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