1 May 2023 – Is this the end of the rally?

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

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

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

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

Daily Tight Squeezes (The Week Ahead)
/SI, HYG

Daily Squeezes (The Week Ahead)
$DXY, /ES, /GC, /NQ, /RTY, /YM, EUR/USD, NDX, SPX

Preliminary Squeezes (The Week Ahead)
$DJT, /BTC, /ZN

Indices/Market Internals as of close of 1 May 2023 — Chart 2 – Market Internals

Market Internals
Market Sentiment – Bearish
Put/Call ratio – 1.143
Market Breadth – below threshold showing more losers than gainers.
Volume Acc/Dis – below threshold showing distribution.
Vix – 16.079
QTiTTs signal is Upward.

Relative Strength – Sectors

Indices/S&P 500 Sectors as close of 1 May 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, XLK, XLP, XLV, XLU, XLI, XLY, XLB, XLE and XLF.

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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