12 May 2023 – Weekly Review – A slow pullback before the debt ceiling

Indices/Weekly Indices as of close of 12 May 2023 2023 — Chart 1: Weekly chart of the S&P 500 sectors

Summary (3-Day Chart)
$DJT – DownTrend with Neutral momentum.
/ES – UpTrend with Neutral momentum.
/NQ – UpTrend with Upward momentum.
/RTY – DownTrend with Downward momentum.
/YM – NoTrend with Downward momentum.

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

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

Summary (Daily Chart)
$DJT – DownTrend with Downward momentum.
/ES – UpTrend with Neutral momentum.
/NQ – UpTrend with Upward momentum.
/RTY – DownTrend with Upward momentum.
/YM – NoTrend with Downward momentum.

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

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

Tight Squeezes
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Squeezes (Daily)
$DXY, /ES, /GC, /NQ, /SI, /YM, /ZB, /ZN, EUR/USD, HYG, NDX, SPX, USD/JPY

Preliminary Squeezes (Daily)
$DJT, /BTC, /RTY

Indices/Market Internals as of close of 12 May 2023 — Market Internals

Market Internals (Daily Chart)
Market Sentiment – Bearish.
Put/Call ratio – 1.23
Market Breadth – below threshold line showing more losers than gainers.
Volume Acc/Dis – below the threshold line showing distribution.
Vix – 17.19

Relative Strength – Sectors

Indices/S&P 500 Sectors as close of 12 May 2023 — Chart 3 – Ranking the Strength of the S&P 500 ETFs over 12 month period

On a 3-monthly period, the relative strength order of the S&P ETF 500 sectors are XLC, XLK, XLP, XLY, XLY, XLU, XLV, XLI, XLB, XLF and XLE.

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

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