12 January 2024 – Weekly Review – Bulls prevailed on low unemployment

Indices/Weekly Indices as of close of 12 January 2024 — Chart 1: Weekly chart of the S&P 500 sectors

Summary (Weekly Chart)
$DJT – UpTrend with Downward momentum.
/ES – UpTrend with Neutral momentum.
/NQ – UpTrend with Downward momentum.
/RTY – UpTrend with Downward momentum.
/YM – UpTrend with Neutral momentum.

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

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

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

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

Tight Squeezes
/CL, /YM
Squeezes (Daily)
$DXY, /ES, /GC, /ZB, /ZN, HYG, SPX
Preliminary Squeezes (Daily)
/NQ, /RTY

Indices/Market Internals as of close of 12 January 2024 — Market Internals

Market Internals (Daily Chart)
Market Breadth – below the threshold line showing more losers than gainers.
Volume Acc/Dis – below the threshold line showing distribution.
Vix – 13.35

Relative Strength – Sectors

Indices/S&P 500 Sectors as close of 12 January 2024 — 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, SPX, XLK, XLP, XLV, XLF, XLI, XLY, XLB, XLU and XLE.

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

Chart 4 above shows the 1-minute chart of the /RTY.

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