3 May 2023 – The bears are prowling

Indices/Indices as of close of 3 May 2023 — Chart 1: Overall market analysis of the indices, oil, gold, bond and US dollar index

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

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

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

Daily Tight Squeezes (The Week Ahead)
/SI

Daily Squeezes (The Week Ahead)
$DXY, /BTC, /ES, /GC, /NQ, /YM, /ZB, /ZN, EUR/USD, HYG, NDX, SPX

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

Indices/Market Internals as of close of 3 May 2023 — Chart 2 – Market Internals

Market Internals
Market Sentiment – Extremely Bearish
Put/Call ratio – 0.973
Market Breadth – below threshold showing more losers than gainers.
Volume Acc/Dis – below threshold showing distribution.
Vix – 18.34
QTiTTs signal is Upward.

Relative Strength – Sectors

Indices/S&P 500 Sectors as close of 3 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 XLP, XLC, XLV, XLK, XLU, XLY, XLI, XLB, XLE and XLF.

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

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

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