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3 November 2017 – Weekly Review – Bulls keep on running higher


Indices (Weekly chart)
Dow Transportation closed at 97.77 with a bearish candle below its 8 EMA and above its 21 EMA and 50 SMA. Weekly trading range was 223.41. BuySellTimer is in its positive cycle. TSI is in a positive cycle and negative slope.

Dow Industrial touched all-time high of 23557.06 and closed at 23539.19 with a bullish candle above its 8 EMA, 21 EMA and 50 SMA. Weekly trading range was 229.19. BuySellTimer is in positive cycle. TSI is in a positive cycle and positive slope.

Russell 2000 closed at 1494.91 with a bearish candle above its 8 EMA, 21 EMA and 50 SMA. Weekly trading range was 27.59. BuySellTimer is in positive cycle. TSI is in a positive cycle and positive slope.

Nasdaq 100 touched all-time high of 6297.62 and closed at 6295.5814 with a bullish candle above its 8 EMA, 21 EMA and 50 SMA. Weekly trading range was 103.05. BuySellTimer is in its positive cycle. TSI is in a positive cycle and positive slope.

S&P 500 touched all-time high at 2588.42 and closed at 2587.84 with a small bullish candle above its 8 EMA, 21 EMA and 50 SMA. Weekly trading range was 22.25. BuySellTimer is in its positive cycle. TSI is in a positive cycle and positive slope.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $55.70 per barrel with a bullish marubozu candle above its 8 EMA, 21 EMA and 50 SMA. Weekly trading range was 2.01. BuySellTimer is in a positive cycle. TSI is in a positive cycle and positive slope. Oil futures has broken out to new 2-year high.

Gold futures (GC) closed at 1270.2 with a small bearish candle below its 8 EMA, 21 EMA and above its 50 SMA. Weekly trading range was 19.20. BuySellTimer is in a negative cycle. TSI is in a positive cycle and negative slope.

Agriculture (DBA) ETF closed at 19.42 with a bullish candle above its 8 EMA and 21 EMA and below its 50 SMA. Weekly trading range was 0.24. BuySellTimer is in a positive cycle. TSI is in a negative cycle and positive slope.

Commodities (DBC) ETF closed at 16.22 with a bullish marubozu candle above its 8 EMA, 21 EMA and 50 SMA. Weekly trading range was 0.33. BuySellTimer is in its positive cycle. TSI is in a positive cycle and positive slope.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 153’27 with a bullish candle above its 8 EMA and 50 SMA and on its 21 EMA. Weekly trading range was 2.6562. BuySellTimer is in its negative cycle. TSI is in its negative cycle and negative slope.

High Yield bond ETF (HYG) closed at 87.98 with a bearish candle below its 8 EMA and 21 EMA and above its 50 SMA. Weekly trading range was 0.64. BuySellTimer is in a negative cycle. TSI is in a positive cycle and negative slope.

Currencies (Weekly charts)
The dollar index ($DXY) closed at 94.917 with a small high closing doji candle above its 8 EMA and 21 EMA and below its 50 SMA. Weekly trading range was 0.6069. TSI is in a negative cycle and positive slope.

EUR/USD closed at 1.1606 with a bearish candle below its 8 EMA and 21 EMA and above its 50 SMA. Weekly trading range was 0.0096. TSI is in a positive cycle and negative slope.

USD/JPY closed at 114.08 with a spinning top doji candle above its 8 EMA, 21 EMA and 50 SMA. Weekly trading range was 1.471. TSI is in a positive cycle and positive slope.

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

Market Internals
Market Sentiment is positive. Market Breadth is sloping downwards showing continuing losers to gainers. Volumetric Acc/Dis is sloping upwards. SKEW is at 130.34. Vix is at 9.14 and Vix futures is at 10.975.

The Week Ahead
This has been a week of new all-time highs. The US economy is now doing rather well and unemployment is below 5%. Market breadth continues to show deterioration and even as the indices continue to power upwards. The prognosis is that the market has a bullish bias but caution is required.

Penny Stocks Buy watchlist
AXAS, CERS, CLD, ECYT, ESEA, EVEP, FCEL, GNMX, GROW, ISIG, LACDF, LLNW, LPTH, LRTTF, MTBC, OBE, OCRX, SFUN, SPCB and VKTX.

 

To YOUR wealth!

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