Bursa KLCI

26 June 2018 – A sideways market before the next move down?

Indices
Dow Transportation closed at 10474.96 with a bearish spinning top doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 129.64. BuySellTimer is in its negative cycle. TSI is in a negative cycle and negative slope. Market direction – Intermediate – Sell. Current – Sell/Sell. It is in a weekly Squeeze.

Dow Industrial closed at 24283.11 with a doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 142.99. BuySellTimer is in a negative cycle. TSI is in a negative cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell. It is in a weekly Squeeze. Strong Sell Signal.

Russell 2000 closed at 1668.5267 with a bullish candle below its 8 EMA and on its 21 EMA and above its 50 SMA. Daily trading range was 16.04. BuySellTimer is in a negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Sell/Sell.

Nasdaq 100 closed at 7068.1954 with a spinning top doji candle below its 8 EMA and 21 EMA and above its 50 SMA. Daily trading range was 68.39. BuySellTimer is in its negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell.

S&P 500 closed at 2723.06 with spinning top doji candle below its 8 EMA and 21 EMA and above its 50 SMA. Daily trading range was 17.31. BuySellTimer is in its negative cycle. TSI is in a positive cycle and negative slope. Market direction – Intermediate – Sell. Current – Sell/Sell. It is in a weekly Squeeze. Strong Sell signal.

Metals and Commodities
WTI Crude oil futures (CL) closed at $70.68 per barrel with a big bullish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 3.19. BuySellTimer is in a positive cycle. TSI is in a positive cycle and positive slope. Market direction: Intermediate Term – Buy1. Current – Buy/Buy. It has a strong Buy signal.

Gold futures (GC) closed at 1260.8 with a bearish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 13. BuySellTimer is in a negative cycle. TSI is in a negative cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell. Strong Sell signal.

Agriculture (DBA) ETF closed at 17.89 with a bearish spinning top doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.167. BuySellTimer is in a negative cycle. TSI is in a negative cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell. Strong Sell.

Commodities (DBC) ETF closed at 17.40 with a bullish candle above its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 0.27. BuySellTimer is in its positive cycle. TSI is in a negative cycle and positive slope. Market direction: Intermediate – Sell. Current – Buy/Buy.

Bonds
Bond futures (/ZB) closed at 144’08 with a doji candle above its 8 EMA, 21 EMA and 50 EMA. Daily trading range was 0.3125. BuySellTimer is in its positive cycle. TSI is positive cycle and positive cycle. Market direction: Intermediate – Buy. Current – Buy/Buy. It is i1n a daily and weekly Squeeze.

High Yield bond ETF (HYG) closed at 85.70 with a small dragonfly doji candle below its 8 EMA and 21 EMA and above its 50 SMA. Daily trading range was 0.13. BuySellTimer is in a negative cycle. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Buy. Current – Sell/Sell. It is in a weekly Squeeze. Short term momentum is downwards.

Currencies
The dollar index ($DXY) closed at 94.288 with a bearish candle below its 8 EMA and above its 21 EMA and 50 SMA. Daily trading range was 0.4859. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell.

EUR/USD closed at 1.1646 with a bearish candle on its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 0.0085. TSI is in a negative cycle and positive slope. Market direction: Intermediate – Buy. Current – Buy/Buy.

USD/JPY closed at 110.04 with a bullish candle on its 8 EMA and above its 21 EMA and 50 SMA. Daily trading range was 0.846. TSI is in a positive cycle and negative slope. Market direction: Intermediate – Sell. Current – Sell/Sell. Strong Sell.

6S(Swiss Franc) – closed at 1.0166 with a bearish candle on its 8 EMA above its 21 EMA and 50 SMA. Daily trading range was 0.0066. BuySellTimer is in a positive cycle. TSI is in a positive cycle and positive slope which is almost flat. Market direction: Intermediate – Buy. 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 XLU, XLY, XLP, XLV and XLE.

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

Market Internals
Market sentiment is bullish. Market breadth is sloping downwards showing more losers to gainers. Accumulation/ Distribution is sloping downward showing distribution. Skew is at 134.92. Vix is at 16.30 and Vix futures is at 15.80.

The Week Ahead
Market internals continues to lose strength. Skew is normal. Vix continues higher and above Vix futures. Both are above 16 and 15 respectively. This means that the market is expecting the volatility to be relatively short. Skew is normal and market sentiment is neutral. The prospect of a Global Trade War continues to haunt the market. The prognosis is for continuing volatility and further pullback can be expected.

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

 

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