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24 May 2018 – Market divergence, bulls hang on

Indices
Dow Transportation closed at 10852.75 with a bullish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 174.94. BuySellTimer is in its positive cycle. TSI is in a positive cycle and positive slope. Market direction – Intermediate – Buy. Negative divergence signal. Current – Buy/Buy.

Dow Industrial closed at 24811.76 with a hammer candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 271.46. BuySellTimer is in a negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

Russell 2000 closed at 1628.2215 with a high doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 13.717. 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 6949.699 with a high closing doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 81.104. BuySellTimer is in its positive cycle. TSI is in a positive cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

S&P 500 closed at 2727.76 with a high closing doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 24.59. BuySellTimer is in its negative 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 big bearish candle below its 8 EMA and above its 21 EMA and 50 SMA. Daily trading range was 1.48. BuySellTimer is in a negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Neutral/Sell.

Gold futures (GC) closed at 1304 with a bullish candle above its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 14.2. BuySellTimer is in a positive cycle. TSI is in a negative cycle and positive slope. Market direction: Intermediate – Sell. Current – Neutral/Buy.

Agriculture (DBA) ETF closed at 19.23 with a bearish marubozu candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.19. BuySellTimer is in a positive cycle. TSI is in a positive cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

Commodities (DBC) ETF closed at 18.29 with a bearish marubozu candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.115. BuySellTimer is in its positive cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

Bonds
Bond futures (/ZB) closed at 142’28 with a bullish candle above its 8 EMA and 21 EMA and below its 50 SMA. Daily trading range was 1.156. BuySellTimer is in its positive cycle. TSI is in its negative cycle and positive slope. Market direction: Intermediate – Sell. Current – Neutral/Buy.

High Yield bond ETF (HYG) closed at 85.70 with a bullish marubozu candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.2. 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 93.776 with a bearish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.37. TSI is in a positive cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

EUR/USD closed at 1.1719 with a bullish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.0059. TSI is in a negative cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell.

USD/JPY closed at 109.24 with a big bearish candle below its 8 EMA and 21 EMA and above its 50 SMA. Daily trading range was 1.155. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Sell/Sell.

6S(Swiss Franc) – closed at 1.0104 with a bullish candle above its 8 EMA and 21 EMA and below its 50 SMA. Daily trading range was 0.0065. 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 XLI, XLK, 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, XLY, XLI and XLB respectively.

Market Internals
Market sentiment is bullish. Market breadth is sloping upwards. Accumulation/Distribution is showing accumulation. Skew is at 139.24 which is normal. Vix is at 12.44 and Vix futures is at 13.90.

The Week Ahead
For succesive two days when the market sold off earlier in the day, it has been bought. This market is still strong. Market internals remain strong. The prognosis is for more sideway motion open and some quick sell-off that will be bought.

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

 

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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