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24 July 2018 – Is the S&P 500 headed to 2900?

Indices
Dow Transportation closed at 10648.59 with a big bearish candle on its 8 EMA and above its 21 EMA and 50 SMA. Daily trading range was 266.75. Intermediate Cycle is positive and rising slope. Short Term Cycle is positive and rising. Market direction – Buy. It is in a weekly Squeeze.

Dow Industrial closed at 25241.94 with a bullish marubozu candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 194.19. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction – Buy. It is in a weekly Squeeze.

Russell 2000 closed at 1680.1954 with a big bearish candle candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 31.82. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Sell.

Nasdaq 100 gapped up and closed at 7406.2478 with a bearish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 100.25. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Neutral.

S&P 500 gapped up and closed at 2820.40 with a doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 18.87. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.

Metals and Commodities
WTI Crude oil futures (CL) closed at $68.78 per barrel with a bullish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 1.5. Intermediate Cycle is negative and falling slope. Short Cycle is negative and rising slope. Market direction: Neutral.

Gold futures (GC) closed at 1222.5 with a doji candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 11.6. Intermediate Cycle is negative and falling slope. Short Cycle is negative and rising slope. Market direction: Sell.

Agriculture (DBA) ETF closed at 17.42 with a small doji candle above its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 0.1149. Intermediate Cycle is negative and rising slope. Short Cycle is negative and rising slope. Market direction: Buy.

Commodities (DBC) ETF closed at 17.09 with a inverted hammer candle above its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 0.14. Intermediate Cycle is negative and rising slope. Short Cycle is negative and rising slope. Market direction: Buy.

Bonds
Bond futures (/ZB) closed at 143’05 with a bullish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.5937. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.

High Yield bond ETF (HYG) closed at 85.77 with a bullish marubozu candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.23. 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 94.613 with a doji candle intertwined with its 8 EMA, 21 EMA and above its 50 SMA. Daily trading range was 0.4609. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Sell. It is in the Squeeze.

EUR/USD closed at 1.1687 with a doji candle intertwined with its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.0062. Intermediate Cycle is negative and flat. Short Cycle is positive and flat. Market direction: Neutral.

USD/JPY closed at 111.18 with a doji candle below its 8 EMA, 21 EMA and above its 50 SMA. Daily trading range was 0.55. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Sell.

6S (Swiss Franc) – closed at 1.0109 with a doji candle intertwined with its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.003. Intermediate Cycle is negative and rising. Short Cycle is positive and rising. Market direction: Buy. It is in a Squeeze.

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, XLF and XLI .

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

Market Internals
Market sentiment is bullish. Market breadth is sloping downwards showing more losers to gainers. Accumulation/ Distribution is sloping downwards showing nett distribution. Skew is at 145.94. Vix is at 12.41 and Vix futures is at 14.15.

The Week Ahead
.
. Cycle – Positive/Rising. Current – Positive/Rising. Market direction – Buy. Fractal Bias – Bullish.
NQ – Intermediate Cycle – Positive/Rising. Current – Positive/Falling. Market direction – Neutral. Fractal Bias – Bullish
YM – Intermediate Cycle – Positive/Rising. Current – Positive/Falling. Market direction – Neutral. Weekly Squeeze. Fractal Bias – Bullish.
RTY – Intermediate Cycle – Positive/Falling. Current – Positive/Falling. Market direction – Sell. Fractal Bias – Neutral.
GC – Intermediate Cycle – Negative/Falling. Current – Negative/Rising. Market direction – Sell. Fractal Bias – Bearish.
CL – Intermediate Cycle – Negative/Falling. Current – Negative/Falling. Market direction – Sell. Fractal Bias – Bearish.

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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