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20 January 2017 – Weekly Review – A quiet week


This week’s market has been on hold due to investors taking a cautious position ahead of the US presidential inauguration. The Nasdaq 100 has continued to make new high while the other indices were on holding pattern.

Indices (Weekly chart)
Dow Transportation closed at 9224.57 with a high closing spinning top doji candle above its moving averages. Weekly trading range was 231.069. Weekly momentum remains upward. BuySellTimer remains on its positive cycle.

Dow Industrial closed at 19827.25 with a small doji candle above its moving averages. Weekly trading range was 205.05. Weekly momentum remains upward. BuySellTimer remains on its positive cycle but could be crossing into its negative cycle.

Russell 2000 closed at 1351.8482 with a bearish marubozu candle on its 8 EMA. Weekly trading range was 29.371. Momentum is upward. BuySellTimer has crossed into its negative cycle.

Nasdaq 100 closed at 5063.1969 and made new all-time high at 5085.34. It closed with a bullish spinning top doji candle above its moving averages. Weekly trading range was 55.729. Momentum remains upward. BuySellTimer is in its positive cycle. The index is in a monthly Squeeze.

S&P 500 closed at 2271.31 with a small doji candle above its moving averages. Weekly trading range was 18.55. Momentum remains upward. BuySellTimer remains on its positive cycle.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $53.24 per barrel with a small bullish spinning top doji above its moving averages. Weekly trading range was $1.95. Momentum is upward. BuySellTimer has crossed into a positive cycle.

Gold futures (GC) closed at 1210.20 with a spinning top doji candle above its 8 EMA but below its 21 EMA. Weekly trading range was 23.5. Momentum remains downward. BuySellTimer remains in its positive cycle.

Silver futures closed at 17.115 with a bullish spinning top doji candle above its 8 EMA and on its 21 EMA. Weekly trading range was 0.614. Weekly momentum remains downward. BuySellTimer is in its 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 at 20.83 with a doji candle above its moving averages. Weekly trading range was 0.225. Momentum is upward. BuySellTimer is in its positive cycle. It is in its weekly and monthly Squeeze.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 150’20 with a bearish low closing doji candle below its moving averages. Weekly trading range was 3.937. Momentum is downward. BuySellTimer has crossed back into negative cycle.

High Yield bond ETF (HYG) closed at 87.20 with a small doji candle above its moving averages. Weekly trading range was 0.37. BuySellTimer is in its positive cycle.

Currencies (Weekly charts)
The dollar index closed at 100.750 with a bearish ‘rolling pin’ candle below its 8 EMA. Weekly range is 1.489. Momentum remains upward. BuySellTimer is in its negative cycle.

EUR/USD closed at 1.0699 with a bullish ‘rolling pin’ candle above its 8 EMA. Weekly trading range was 0.013. Momentum remains downward.

USD/JPY closed at 114.60 with a big spinning top doji candle on its 8 EMA. Weekly trading range was 3.054. Weekly 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 XLY, XLK, XLB, XLP, XLI and XLV 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 11.54. Vix futures is at 13.825. Skew is at 146.33. Market sentiment remains bullish. Market breadth is sloping downward. Volumetric accumulation/distribution is sloping upward.

The Week Ahead
Market internals continue to show strength. Nasdaq continues to make new all time. The indices are in their daily Squeeze and it is likely to continue to breakout upward. The prognosis is for a breakout in the coming weeks.

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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