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19 July 2018 – Start of a small pullback in the indices?

Indices
Dow Transportation closed at 10747.65 with a high closing spinning top doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 166.35. Intermediate Cycle is negative and rising slope. Short Term Cycle is positive and rising. Market direction – Buy. It is in a weekly Squeeze.

Dow Industrial closed at 25064.50 with a bearish marubozu candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 101.55. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction – Buy. It is in a weekly Squeeze.

Russell 2000 closed at 1701.3106 with a bullish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 16.63. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.

Nasdaq 100 closed at 7352.3575 with a small spinning top doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 44.66. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Buy.

S&P 500 closed at 2804.49 with a small spinning top doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 12.28. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Buy.

Metals and Commodities
WTI Crude oil futures (CL) closed at $68.01 per barrel with a big spinning top doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 2.17. Intermediate Cycle is positive and falling slope. Short Cycle is negative and rising slope. Market direction: Sell.

Gold futures (GC) closed at 1222.5 with a bearish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 18.9. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.

Agriculture (DBA) ETF closed at 17.32 with a small bullish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.12. Intermediate Cycle is negative and falling slope. Short Cycle is negative and rising slope. Market direction: Sell.

Commodities (DBC) ETF closed at 16.82 with a spinning top doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.21. Intermediate Cycle is negative and falling slope. Short Cycle is negative and rising slope. Market direction: Sell.

Bonds
Bond futures (/ZB) closed at 145’13 with a bullish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 1.1875. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. It is in a daily Squeeze.

High Yield bond ETF (HYG) closed at 85.58 with a doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.15. Intermediate Cycle is negative and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. It is in a weekly Squeeze.

Currency
The dollar index ($DXY) closed at 95.158 with a spinning top doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.719. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Buy. It is in the Squeeze.

EUR/USD closed at 1.1640 with a doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.0103. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.

USD/JPY closed at 112.45 with a bearish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 1.117. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Neutral.

6S (Swiss Franc) – closed at 1.0054 with a doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.0084. Intermediate Cycle is negative and falling. Short Cycle is negative and rising. Market direction: Sell.

Relative Strength – Sectors</b On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLK, XLV, XLU, XLI, XLF and XLY.

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

Market Internals
Market sentiment is bullish. Market breadth is sloping upwards showing more gainers to losers. Accumulation/ Distribution is sloping upwards showing nett accumulation. Skew is at 150.98. Vix is at 12.87 and Vix futures is at 14.35.

The Week Ahead&lt
Market internals are showing strength again. Vix is below 13 and Vix futures is above 14. This means that the market is expecting volatility in the near future. Skew remains exceptionally high at 150.98. When Skew is above 142, it tends to pullback within a 2-3 day period. The prognosis is for a quick pullback before the market resunes its bullishness.

Futures Summary(Daily chart):
ES – Intermediate Cycle – Positive/Rising. Current – Positive/Falling. Market direction – Buy.
NQ – Intermediate Cycle – Positive/Falling. Current – Positive/Falling. Market direction – Buy.
YM – Intermediate Cycle – Positive/Rising. Current – Positive/Falling. Market direction – Buy. Weekly Squeeze.
RTY – Intermediate Cycle – Positive/Rising. Current – Positive/Rising. Market direction – Buy.
GC – Intermediate Cycle – Negative/Falling. Current – Negative/Falling. Market direction – Sell.
CL – Intermediate Cycle – Positive/Falling. Current – Negative/Rising. Market direction – 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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