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10 February 2017 – Weekly Review – Bulls on the Run with New All-Time Highs


Indices (Weekly chart)
Dow Transportation closed at 9393.79 with a bullish marubozu candle and closed above its moving averages. Weekly trading range was 252.4. Weekly momentum is upward. BuySellTimer remains on its positive cycle.

Dow Industrial hit new high at 20298.21 and closed at 20269.37 with a bullish candle above its moving averages. Weekly trading range was 295.3999. Weekly momentum remains upward. BuySellTimer remains on its positive cycle.

Russell 2000 closed at 1388.00 with a bullish hammer candle above its moving averages. Weekly trading range was 45.3. Momentum is upward. BuySellTimer is in positive cycle.

Nasdaq 100 touched all-time high at 5226.6858 and closed at 5226.6858 with a bullish marubozu hammer candle above its moving averages. Weekly trading range was 86.209. Momentum remains upward. BuySellTimer is in its positive cycle.

S&P 500 touched all time high at 2319.10 closed at 2316.10 with a bullish marubozu hammer candle above its moving averages. Weekly trading range was 34.75. Momentum remains upward. BuySellTimer remains on its positive cycle.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $53.85 per barrel with a doji candle above its moving averages. Weekly trading range was $2.91. Momentum is upward. BuySellTimer is in a positive cycle.

Gold futures (GC) closed positive for the week at 1234.7 with a bullish inverted hammer candle above its downsloping 21 EMA. Weekly trading range was 25.7999. Momentum is upward. BuySellTimer remains in its positive cycle.

Silver futures closed at 17.955 with a bullish candle above its downsloping 21 EMA. Weekly trading range was 0.5599. Weekly momentum is upward. BuySellTimer is in its positive cycle.

Agriculture (DBA) ETF closed at 20.57 with a small doji candle above its 21 EMA. Weekly trading range was 0.1699. Momentum is upward. BuySellTimer is in positive cycle.

Commodities (DBC) ETF closed at 16.05 with a bullish hammer candle above its moving averages. Weekly trading range was 0.4. Momentum is upward. BuySellTimer is in its positive cycle.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 152’15 with an inverted hammer candle below its downsloping 21 EMA. Weekly trading range was 3.3437. Momentum has reversed upward. BuySellTimer has crossed into a positive cycle.

High Yield bond ETF (HYG) closed at 87.53 with a small doji candle above its moving averages. Weekly trading range was 0.4298. BuySellTimer is in its positive cycle.

Currencies (Weekly charts)
The dollar index closed at 100.715 with a bullish candle above its 21 EMA. Weekly range is 1.4099. Momentum remains downward. BuySellTimer is in its negative cycle.

EUR/USD closed at 1.06427 with a bearish candle below its downsloping 21 EMA. Weekly trading range was 0.0183. Momentum remains downward.

USD/JPY closed at 113.23 with a spinning top doji candle above its upsloping 21 EMA. Weekly trading range was 2.2609. 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 XLK, XLV, XLP, XLF, XLI, XLE, XLY and XLB respectively.

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

Market Internals
Vix closed at 10.85. Vix futures is at 11.725. Skew is at 130.47. Market sentiment remains bullish. Market breadth is sloping upward. Volumetric accumulation/distribution is sloping upward.

The Week Ahead
The announcement that there will be tax cuts was enough to send the indices to new highs. Market internals continue to show strength. The prognosis is for this market to continue to move higher.

Stock of the Day
The Stock of the Day is IBB. iShares Nasdaq Biotechnology ETF is an exchange-traded fund (ETF). The Index contains securities of Nasdaq listed companies that are classified according to the Industry Classification Benchmark as either biotechnology or pharmaceuticals.

 

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