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22 May 2018 – Are the indices rolling over?

Indices
Dow Transportation closed at 10741.62 with a bearish engulfing candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 179.39. BuySellTimer is in its positive cycle. TSI is in a positive cycle and positive slope. Market direction – Intermediate – Buy. Current – Buy/Buy.

Dow Industrial closed at 24834.41 with a bearish engulfing candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 252.93. BuySellTimer is in a positive cycle. TSI is in a positive cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

Russell 2000 closed at 1625.2374 with a bearish engulfing candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 14.6485. BuySellTimer is in a positive cycle. TSI is in a positive cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

Nasdaq 100 closed at 6893.6201 with a bearish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 63.68. BuySellTimer is in its negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

S&P 500 closed at 2724.44 with a bearish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 20.36. BuySellTimer is in its positive cycle. TSI is in a positive cycle and positive slope. Market direction – Intermediate – Buy. Current – Buy/Buy.

Metals and Commodities
WTI Crude oil futures (CL) closed at $72.13 per barrel with a bearish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 1.08. BuySellTimer is in a positive cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

Gold futures (GC) closed at 1290.5 with a spinning top doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 8.8. BuySellTimer is in a negative cycle. TSI is in a negative cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell.

Agriculture (DBA) ETF gapped up and closed at 19.10 with a spinning top doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.12. BuySellTimer is in a positive cycle. TSI is in a negative cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

Commodities (DBC) ETF closed at 18.31 with a bearish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.1749. BuySellTimer is in its positive cycle. TSI is in a positive cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

Bonds
Bond futures (/ZB) closed at 141’11 with a doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.5312. BuySellTimer is in its negative cycle. TSI is in its negative cycle and positive slope. Market direction: Intermediate – Sell. Current – Sell/Sell.

High Yield bond ETF (HYG) closed at 85.58 with a doji candle above its 8 EMA and 21 EMA and below its 50 SMA. Daily trading range was 0.1189. BuySellTimer is in a positive cycle. TSI is in a negative cycle and positive slope. Market direction: Intermediate – Buy. Current – Neutral/Buy.

Currencies
The dollar index ($DXY) closed at 93.593 with a doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.4429. TSI is in a positive cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

EUR/USD closed at 1.1778 with a spinning top doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.0073. TSI is in a negative cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell.

USD/JPY closed at 110.88 with a bearish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.3879. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

6S(Swiss Franc) – closed at 1.0095 with a bullish marubozu candle above its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 0.0072. BuySellTimer is in a positive cycle. TSI is in a negative cycle and positive slope. Market direction: Intermediate – Sell. Current – Buy/Buy.

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

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

Market Internals
Market sentiment is bullish. Market breadth is sloping upwards. Accumulation/Distribution is showing accumulation. Skew is at 134.61 which is normal. Vix is at 14.19 and Vix futures is at 14.80.

The Week Ahead
The indices are showing that the upward momentum has stalled. Vix and Vix futures are normal and below 15. Skew is normal. Market internals are still showing strength. The prognosis is for a short term pullback.

Futures Summary(daily chart):
ES – Intermediate Buy. Short term Buy/Buy.
NQ – Intermediate Buy. Short term Buy/Buy. Weekly Squeeze.
YM – Intermediate Buy. Short term Neutral/Buy.
GC – Intermediate Sell. Short term Sell/Sell. Weekly Squeeze.
CL – Intermediate Buy. Short term Buy/Buy.

 

To YOUR wealth!

Would you like to learn to trade stocks, Options or Futures? Drop us an email at jefftohch@gmail.com or call +6010 4343 948. If you have been an unsuccessful trader and need personal tutorship, we can provide you with personal coaching to take you to be a profitable trader.


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