Bursa KLCI

17 January 2017 – Market waits for the inauguration

The market is consolidating ahead of the US Presidential inauguration. With many unknowns and controversies with the President-elect, the market could well chose to be cautious.

Dow Transportation closed at 9099.58 with a bearish candle below its 21 EMA. Daily trading range was 109.389. Momentum is neutral. Volumetric buying pressure is at 62.0%. BuySellTimer is in its positive cycle.

Dow Industrial closed at 19826.77 with a doji candle below its 8 EMA and above its 21 EMA. Daily trading range was 19826.77. Momentum is neutral. Volumetric buying pressure is at 65.1%. BuySellTimer is in a negative cycle. The index is in a daily Squeeze.

Russell 2000 closed at 1352.3236 with a bearish candle below its moving averages. Daily trading range was 20.009. Momentum is downward. Volumetric buying pressure is at 51.6%. BuySellTimer is in its negative cycle. The index is in a daily Squeeze.

Nasdaq 100 closed at 5044.6524 with a doji candle above its moving averages. Daily trading range was 23.596. Momentum is upward. Volumetric buying pressure is at 97.9%. BuySellTimer is in a positive cycle. The index is in a weekly and monthly Squeeze.

S&P 500 closed at 2267.89 with a small doji candle on its 8 EMA. Daily trading range was 9.269. Momentum is upward. Volumetric buying pressure is at 92.2%. BuySellTimer is in a neutral cycle. It is in a daily Squeeze.

Metals and Commodities
WTI Crude oil futures started with a new contract cycle and closed with a small spinning top doji candle above its 8 EMA. Momentum is upward. It is trading at $53.47 per barrel. BuySellTimer is in positive cycle.

Gold futures closed with a bullish candle above its 21 EMA and 50 SMA. It is trading at $1214.1 per ounce. Momentum is upward. BuySellTimer is in positive cycle.

Silver futures closed above its 21 EMA and on its 50 SMA with a high closing doji candle. It is trading at $17.150 per ounce. BuySellTimer is in a positive cycle.

Agriculture (DBA) ETF closed at 20.89 above its 200 SMA with a bullish candle. Momentum is upward. BuySellTimer is in a positive cycle.

Commodities (DBC) ETF closed at 15.88 with a bearish candle above its moving averages. Momentum is upward. BuySellTimer is in a positive cycle.

Bonds
Bond futures (ZB) closed above its 50 SMA with a bullish candle. Momentum remains upward. BuySellTimer is in a positive cycle.

High Yield bond ETF (HYG) closed at 87.23 with a small doji candle. Momentum is upward. BuySellTimer is in positive cycle.

Currencies
Dollar Index (DX) closed with a big bearish hammer candle below its moving averages. It is trading at 100.595. Momentum is downward. BuySellTimer is in a negative cycle.

EUR/USD broke out and closed with a big bullish marubozu candle. It is trading at 1.06847. Momentum remains upward.

USD/JPY closed with a big bearish marubozu candle candle below its moving averages. Momentum is downward. It is trading at 113.268.

Relative Strength – Sectors
On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLY, XLU, XLV, XLK, XLB 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 11.82. Vix futures is at 14.10. Skew is at 131.55. Market sentiment is bullish. Market breadth is sloping upward. Volumetric accumulation/distribution is sloping downward.

The Week Ahead
Market internals remains strong. The market is consolidating sideways ahead of the US Presidential inauguration. The US dollar is on its way downward against the major currencies. The prognosis is that the market will be sideways and the US dollar has lost its attractiveness.

Stock of the Day
The Stock of the Day is ORAN. Orange SA is a telecommunications operator. The Company also provides telecommunications services to multinational companies under the brand Orange Business Services.

 

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