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19 May 2017 – Weekly Review – Market pulls back


Indices (Weekly chart)
Dow Transportation closed at 8879.19 with a bearish candle below its 21 EMA. Weekly trading range was 354.6099. Weekly momentum is sideways. BuySellTimer is in its negative cycle. It is in a Squeeze.

Dow Industrial closed at 20804.84 with a bearish spinning top doji candle above its 21 EMA. Weekly trading range was 480.0799. Weekly momentum is sideways. BuySellTimer is in negative cycle.

Russell 2000 closed at 1367.3301 with a bearish ‘rolling pin’ candle on its 21 EMA. Weekly trading range was 47.9735. Momentum is sideways. BuySellTimer is in negative cycle. It is in a Squeeze.

Nasdaq 100 touched new all-time high of 5724.71 and closed at 5651.5639 with a big spinning top doji candle above its moving averages. Weekly trading range was 156.2422. Momentum remains upward. BuySellTimer is in its positive cycle.

S&P 500 touched all-time high of 2405.77 and closed at 2381.73 with a spinning top doji candle above its 21 EMA. Weekly trading range was 53.05. Momentum is sideways. BuySellTimer remains on its negative cycle.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $50.90 per barrel with a bullish marubozu candle on its 21 EMA. Weekly trading range was $3.1499. Momentum is bearish. BuySellTimer is in a negative cycle.

Gold futures (GC) closed at 1255.7 with a bullish marubozu candle above its 21 EMA. Weekly trading range was 38.2. Momentum is upward. BuySellTimer is in a positive cycle.

Silver futures closed at 16.840 with a small bullish marubozu candle below its 21 EMA. Weekly trading range was 0.625. Weekly momentum is downward. BuySellTimer is in its negative cycle.

Agriculture (DBA) ETF closed at 20.24 with a spinning top doji candle above its 21 EMA. Weekly trading range was 0.52. Momentum is upward. BuySellTimer is in positive cycle.

Commodities (DBC) ETF closed at 15.07 with a small bullish candle below its 21 EMA. Weekly trading range was 0.3899. Momentum is downward. BuySellTimer is in its negative cycle.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 154’00 with a bullish marubozu candle above its 21 EMA. Weekly trading range was 3.4687. Momentum is upward. BuySellTimer is in its positive cycle.

High Yield bond ETF (HYG) closed at 88.18 with a doji candle above its 21 EMA. Weekly trading range was 0.7189. BuySellTimer is in positive cycle. It is in a weekly Squeeze.

Currencies (Weekly charts)
The dollar index ($DXY) closed at 97.118 with a big bearish candle below its 21 EMA. Weekly trading range is 2.182. Momentum is downward. It is in a Squeeze.

EUR/USD closed at 1.1209 with a bullish marubozu candle above its 50 SMA and 21 EMA. Weekly trading range was 0.0289. Momentum is upward. It has exited its Squeeze.

USD/JPY closed at 111.24 with a bearish candle below its 21 EMA and above its 200 SMA. Weekly trading range was 3.611. Weekly momentum is upward.

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

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

Market Internals
Vix closed at 12.04. Vix futures is at 12.715. Skew is at 137.01. Market sentiment is neutral. Market breadth is sloping downward. Volumetric accumulation/distribution is sloping downward.

The Week Ahead
The market touched new all-time high during the week and pulled back on political sentiment. The Vix was above 14 but has pulled back to 12.04. Vix futures is at 12.715. This tells us that the market is expecting the pullback to be temporary. The prognosis is for some consolidation before the ‘buy the dip’ crowd pile in to buy this temporary dip.

Penny Stocks of the Day
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To YOUR wealth!

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