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21 December 2016 – Dow at 20,000

Dow at 20,000 is still safe as the indices traded lower. Trading was in a narrow range throughout the day. Volume was light ahead of the Christmas holiday.

Dollar index pulled back and is still at about 103. WTI crude oil pulled back to below $53 per barrel. Gold futures continued on its journey downward. Bond traded slightly upward. Overall, newsflow was fairly quiet. Vix dropped below 12 showing there is little fear in the market.

Dow Transportation range traded within a small range and pulled back to its bottom of the range by the end of the day. It closed with a small bearish candle at 9229.44. Momentum remains upward. Volumetric buying pressure is at 13.4%.

Dow Industrial traded within a very small range and closed with a tiny candle above its moving averages at 19941.96. Momentum remains upward. Short term volumetric buying pressure is at 85.2%.

Russell 2000 traded downward to close with a small bearish candle above its moving averages at 1375.1928. Momentum is upward. Volumetric buying pressure is at 32.4%.

Nasdaq 100 range traded and closed with a small doji candle above its moving averages at 4948.9049. Momentum is upward. Volumetric buying pressure is at 86%. The index is in a weekly and monthly Squeeze.

S&P 500 traded downward in the first few minutes of trading and then range traded within a small range for the rest of the day. It sold of in the last hour of trading to close with a bearish candle above its moving averages at 2265.18. Momentum is upward. Volumetric buying pressure is at 92.1%.

Metals and Commodities
WTI Crude oil futures pulled back for the day and closed with a bearish candle on its 8 EMA. It is trading at $52.77 per barrel.

Gold futures continued its downtrend and is trading at $1131.8 per ounce.

Silver futures sold off and is trading at $15.935 per ounce.

Agriculture (DBA) ETF hardly moved and is trading at 20.04.

Commodities (DBC) ETF traded downward and closed with a bearish candle at 15.53.

Bonds
Bond futures (ZB) traded slightly upward and closed on its 8 EMA at 148’18.

High Yield bond ETF (HYG) traded upward and closed above its 21 EMA and 50 SMA at 86.25.

Bonds ETF (TLT) traded sideways and closed at 118.33 on its 8 EMA.

Currencies
The dollar index pulled back slightly and is at 102.910.

EUR/USD traded slightly upward and trading at 1.04573.

USD/JPY traded sideways and above its moving averages at 117.688.

Relative Strength – Sectors
On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLE, XLF, XLK, XLU and XLP respectively.

On a 3-month lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLF, XLE, XLI, XLB and XLY respectively.

Market Internals
Vix closed at 11.36. Vix futures is at 14.12. Skew is at 124.90. Market sentiment is bullish. Market breadth is sloping upward. Volumetric accumulation/distribution is sloping slightly upward.

The Week Ahead
The market traded on low volume going into the Christmas holiday. Market internal remains strong.. The prognosis is for the market to continue holding around its current level and the expectation is for the Dow to hit 20,000 before the end of the year.

Stock of the Day
The Stock of the Day is MITK. Mitek Systems, Inc. develops, markets and sells mobile capture and identity verification software solutions for enterprise customers.

 

To YOUR wealth!

Would you like to learn to trade stocks, options or futures? Drop us an email at jefftohch@gmail.com or call +6010 4343 948.


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