Bursa KLCI

29 May 2018 – Indices tumble

Indices
Dow Transportation closed at 10755.33 with a bearish marubozu candle below its 8 EMA and above its 21 EMA and 50 SMA. Daily trading range was 171.62. BuySellTimer is in its positive cycle. TSI is in a positive cycle and negative slope. Market direction – Intermediate – Buy. Current – Buy/Buy. Negative divergence signal.

Dow Industrial gapped down and closed at 24361.45 with a bearish marubozu candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 387.34. BuySellTimer is in a negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Sell/Sell. Negative divergence signal.

Russell 2000 closed at 1623.6488 with a doji candle on its 8 EMA and above its 21 EMA and 50 SMA. Daily trading range was 17.15. BuySellTimer is in a negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Buy/Buy. Negative divergence signal.

Nasdaq 100 closed at 6926.5439 with a doji candle on its 8 EMA and above its 21 EMA and 50 SMA. Daily trading range was 77.53. BuySellTimer is in its negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Buy/Buy. Negative signal divergence.

S&P 500 gapped down and closed at 2689.86 with a bearish candle below its 8 EMA and 21 EMA and above its 50 SMA. Daily trading range was 33.86. BuySellTimer is in its negative cycle. TSI is in a positive cycle and negative slope. Market direction – Intermediate – Buy. Current – Sell/Sell.

Metals and Commodities
WTI Crude oil futures (CL) closed at $66.87 per barrel with a bearish hammer candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 1.75. BuySellTimer is in a negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell.

Gold futures (GC) closed at 1303.2 with a big spinning top doji candle above its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 14.7. 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 19.22 with a bearish engulfing candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.2591. 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 gapped down and closed at 17.85 with a bearish candle below its 8 EMA and 21 EMA and above its 50 SMA. Daily trading range was 0.19. BuySellTimer is in its negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Neutral/Sell.

Bonds
Bond futures (/ZB) closed at 145’12 with a big bullish candle above its 8 EMA, 21 EMA and its 50 SMA. Daily trading range was 3.2187. BuySellTimer is in its positive cycle. TSI is in its positive cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

High Yield bond ETF (HYG) gapped down and closed at 85.20 with a bearish 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 negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell.

Currencies
The dollar index ($DXY) closed at 94.826 with a bullish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.748. TSI is in a positive cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

EUR/USD closed at 1.1539 with a bearish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.019. TSI is in a negative cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell.

USD/JPY closed at 108.74 with a bearish candle below its 8 EMA, 21 EMA and above its 50 SMA. Daily trading range was 0.5949. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell.

6S(Swiss Franc) – closed at 1.0106 with a big doji candle above its 8 EMA and 21 EMA and below its 50 SMA. Daily trading range was 0.0135. 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, XLF and XLU.

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

Market Internals
Market sentiment is slightly bullish. Market breadth is sloping downwards showing nett losers to gainers. Accumulation/ Distribution is sloping downwards showing distribution. Skew is at 141.84 which is showing market is short on the S&P 500. Vix is at 17.02 and Vix futures is at 15.56.

The Week Ahead
Indices have pulled back. Market breadth is showing nett losers to gainers. Vix has now gone upwards and Vix futures is less than the Vix which means that this pullback is a temporary short term affair. Skew is starting to be elevated. The prognosis is for further pullback.

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

 

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