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5 March 2018 – S&P 500 and Nasdaq surged. Dow indices unimpressed

Indices
Dow Transportation closed at 10348.34 with a long-tailed bullish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 205.97. BuySellTimer is in its negative cycle. TSI is in a negative cycle and negative slope. Market direction – Sell/Sell.

Dow Industrial closed at 24874.76 with a bullish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 573.85. BuySellTimer is in negative cycle. TSI is in a negative cycle and negative slope. Market direction – Sell/Sell.

Russell 2000 closed at 1546.05 with a bullish candle above its 8 EMA, 21 EMA and below its 50 SMA. Daily trading range was 25.68. BuySellTimer is in negative cycle. TSI is in a negative cycle and positive slope. Market direction – Buy/Buy.

Nasdaq 100 closed at 6881.28 with a bullish candle above its 8 EMA and 21 EMA and 50 SMA. Daily trading range was 147.8. BuySellTimer is in its negative cycle. TSI is in a positive cycle and positive slope. Market direction – Buy/Buy.

S&P 500 closed at 2720.94 with a bullish candle above its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 52.34. BuySellTimer is in its negative cycle. TSI is in a negative cycle and positive slope. Market direction – Neutral/Buy.

Metals and Commodities
WTI Crude oil futures (CL) closed at $62.69 per barrel with a bullish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 1.69. BuySellTimer is in a negative cycle. TSI is in a negative cycle and positive slope. Market direction – Buy/Buy.

Gold futures (GC) closed at 1320.9 with a bearish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 10.6. BuySellTimer is in a negative cycle. TSI is in a negative cycle and negative slope. Market direction – Sell/Sell. Gold is in its daily Squeeze.

Agriculture (DBA) ETF gapped up and closed at 19.63 with a big bullish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.225. BuySellTimer is in a positive cycle. TSI is in a positive cycle and positive slope. Market direction – Buy/Buy.

Commodities (DBC) ETF closed at 16.73 with a bullish candle above its 8 EMA, 21 EMA and and on its 50 SMA. Daily trading range was 0.255. BuySellTimer is in its negative cycle. TSI is in a negative cycle and positive slope. Market direction – Buy/Buy.

Bonds
Bond futures (/ZB) closed at 143 with a bearish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 1.5. BuySellTimer is in its negative cycle. TSI is in its negative cycle and positive slope. Market direction – Sell/Sell.

High Yield bond ETF (HYG) gapped down and closed at 85.75 with a bullish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.24. BuySellTimer is in a negative cycle. TSI is in a negative cycle and positive slope. Market direction – Sell/Sell.

Currencies
The dollar index ($DXY) closed at 90. with a small bullish candle on its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 0.388. TSI is in a negative cycle and positive slope. Market direction – Buy/Buy.

EUR/USD closed at 1.2335 with a doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.0095. TSI is in a positive cycle and negative slope. Market direction – Sell/Sell.

USD/JPY closed at 106.23 with a bullish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.887. TSI is in a negative cycle and positive slope. Market direction – Neutral/Neutral.

6S(Swiss Franc) – closed at 1.065 with a bearish candle below its 8 EMA and 21 EMA and above its 50 SMA. Daily trading range was 0.0062. BuySellTimer is in a negative cycle. TSI is in a positive cycle and negative slope. Market direction is Bearish/Bearish. Swiss franc is in a Squeeze.

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

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

Market Internals
Market sentiment has turned bullish. Market breadth is sloping upwards showing nett gainers to decliners. Volume accumulation/distribution is sloping upwards showing accumulation. Vix is at 18.73 and Vix futures at 18.15. Skew is at 130.12.

The Week Ahead
Vix and Vix futures continue to show backwardation meaning that the market is anticipating a less volatile market going forward compare to now. Skew is normal. Market internal is showing some strength. The prognosis is for more bullish action ahead.

Futures (daily chart):
ES – Neutral/Sell
NQ – Buy/Buy
YM – Neutral/Sell
GC – Sell/Sell
CL – Neutral/Sell

Stocks Buy Watchlist
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Penny Stocks BreakOut
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