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27 December 2016 – Nasdaq leads market with new all-time high

The Nasdaq 100 chose today to break to new high on lighter volume. This market still has plenty of legs to run to new highs. Trading ranges in the indices were rather small.

WTI oil futures broke out of its upfractal resistance and looks to continue trading higher. Gold looks set to bottom with a buy signal.

The US Dollar index was indecisive and traded within a small range. If the US Dollar index continues its upmove, then gold will continue to be sold off as it is inversely correlated.

Bond futures has a daily buy signal and awaiting a breakout through its upfractal resistance at 149’12.

Dow Transportation traded within a 45.84 range for the day. It surged upward in the first half hour of trading and reached its high of the day at 9241.84. It sold off and closed with a tiny low closing doji candle just below its 8 EMA. Momentum remains upward. Volumetric buying pressure is at 2.4%.

Dow Industrial traded within a 40.44 range. It surged upward on market open but was sold down. It closed with a tiny low closing doji candle above its moving averages at 19945.04. Momentum remains upward. Short term volumetric buying pressure is at 75.9%.

Russell 2000 traded within a 10.39 range for the day. It touched its high of the day within the first hour and then range traded and closed with a tiny bullish candle at 1377.7073. Momentum is upward. Volumetric buying pressure is at 25.1%.

Nasdaq 100 surged upward on market open and touched all time high of 4992.08 before pulling back. It closed with a small inverted hammer candle above its moving averages at 4965.8075. Daily trading range was 44.487. Momentum is upward. Volumetric buying pressure is at 87.4%. The index is in a weekly and monthly Squeeze.

S&P 500 surged upward on market open and reached its high of the day at 2273.82. It pulled back and closed with a inverted hammer candle on its 8 EMA. Daily trading range is 7.67. Momentum is upward. Volumetric buying pressure is at 94.2%.

Metals and Commodities
WTI Crude oil futures broke out of its upfractal resistance and closed at $53.89 per barrel. It is trading at $54.17 per barrel. Daily trading range was $0.549.

Gold futures traded upward but was sold into. It closed on its down sloping 8 EMA. It has a Buy signal on its daily chart and is finding downfractal support at $1127.3 per ounce. It is trading at $1138.9 per ounce.

Silver futures traded up and closed with a bullish candle on its downsloping 8 EMA. It is trading at $15.905 per ounce.

Agriculture (DBA) ETF formed a reverse trend kicker candle pattern and closed on its 8 EMA at 19.95. It is in a Squeeze.

Commodities (DBC) ETF gapped upward and broke above the upfractal resistance and closed with a bullish marubozu candle at 15.78.

Bonds
Bond futures (ZB) traded slightly down and closed on its 8 EMA at 148’21. It has a Buy signal on its daily chart and the next move is for it to break above and also close above its upfractal at 149’12.

High Yield bond ETF (HYG) closed with small doji candle on its 8 EMA at 86.52.

Bonds ETF (TLT) closed with a small bullish candle on its 8 EMA and below its 21 EMA at 117.67.

Currencies
The dollar index closed with a tiny doji candle above its 8 EMA. It is trading at 103.345.

EUR/USD traded indecisively and closed with a small doji candle on its 8 EMA at 1.04108.

USD/JPY traded sideways and is on its 8 EMA at 117.739.

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, XLP and XLV respectively.

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

Market Internals
Vix closed at 11.93. Vix futures is at 14.00. Skew is at 123.65. Market sentiment is bullish. Market breadth is sloping upward. Volumetric accumulation/distribution is sloping upward.

The Week Ahead
The Nasdaq made new high at 4992.09 and Vix is at 11.93. There is no fear in the market. Vix futures is at 14.00 which means there are some hedging for future volatility. Market internal remains strong and the prognosis is for this market to hold up and advance further.

Stock of the Day
The Stock of the Day is CAG. Conagra Brands Inc operates as a packaged food company. The company operates two segments: Consumer Foods and Commercial Foods.

 

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