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13 January 2017 – Nasdaq takes the lead


The Nasdaq 100 continues to make new all-time high for the week. The S&P 500 and Dow Industrial are new all-time high and could breakout to new all-time high this coming week. Financial sector had a solid week as JPM posted solid returns. Energy sector followed the oil futures prices as it dropped for the week. The US Dollar index pulled back for the week.

Indices (Weekly chart)
Dow Transportation closed with a bullish candle at 9202.34 above its moving averages. Weekly trading range was 218.909. Weekly momentum remains upward. BuySellTimer remains on its positive cycle.

Dow Industrial closed at 19885.73 above its moving averages. Weekly trading range was 202.949. Momentum remains upward. BuySellTimer remains on its positive cycle.

Russell 2000 closed with a high closing spinning top doji candle at 1372.0471 above its moving averages. Weekly trading range was 29.359. Momentum is upward. BuySellTimer remains on its positive cycle.

Nasdaq 100 closed with a bullish candle above its moving averages at 5059.5095. It broke out to new all time high at 5066.95. Weekly trading range was 71.88. Momentum remains upward. BuySellTimer is in its positive cycle. The index is in a monthly Squeeze.

S&P 500 closed with a doji candle above its moving averages at 2274.64. Weekly trading range was 25.019. Momentum remains upward. BuySellTimer remains on its positive cycle.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed with a bearish candle above its moving averages at $52.52 per barrel. Weekly trading range was $3.119. Momentum remains upward. BuySellTimer has crossed into a negative cycle.

Gold futures (GC) closed with a bullish candle above its 8 EMA at $1197.30. Weekly trading range was 35. Momentum remains downward. BuySellTimer has crossed into positive cycle.

Silver futures closed with a bullish candle above its 8 EMA at $16.835 per ounce. Weekly trading range was 0.565. Momentum remains downward. BuySellTimer has cross into positive cycle.

Agriculture (DBA) ETF closed with a bullish candle above its 21 EMA and 50 SMA at 20.73. Weekly trading range was 0.78. Momentum is upward. BuySellTimer has crossed into positive cycle.

Commodities (DBC) ETF closed with a small bullish candle above its moving averages at 15.89. Weekly trading range was 0.499. Momentum is upward. BuySellTimer is in its positive cycle.

Bonds (Weekly charts)
Bond futures (/ZB) closed with a low closing spinning top doji candle on its 8 EMA at 152’00. Weekly trading range was 2.625. Momentum is upward. BuySellTimer has crossed into positive cycle.

High Yield bond ETF (HYG) closed with a small spinning top doji candle above its moving averages at 87.32. Weekly trading range was 0.38. BuySellTimer is in its positive cycle.

Currencies (Weekly charts)
The dollar index closed with a bearish ‘rolling pin’ candle below its 8 EMA at 101.180. Weekly range is 2.259. Momentum remains upward. BuySellTimer has crossed into its negative cycle.

EUR/USD closed with a bullish ‘rolling pin’ candle above its 8 EMA at 1.06419. Weekly trading range was 0.023. Momentum remains downward.

USD/JPY closed with a big bearish candle on its 8 EMA at 114.485. Weekly trading range was 3.773. Momentum remains upward.

Relative Strength – Sectors
On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLV, XLY, XLK and XLB respectively.

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

Market Internals
Vix closed at 11.23. Vix futures is at 12.175. Skew is at 132.32. Market sentiment remains bullish. Market breadth is sloping upward. Volumetric accumulation/distribution is sloping upward.

The Week Ahead
Market internals continue to show strength. Nasdaq continues to make new all time and the other indices are trending upward. The prognosis is for the market indices to consolidate for the coming week.

Stock of the Day
The Stock of the Day is ADBE. Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.

 

To YOUR wealth!

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