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1 Mar 2019 – Weekly Review – Indices end on high


Indices (Weekly chart)
Dow Transportation closed at 10462.32 with a bearish candle above its 8 EMA, 21 EMA, 200 SMA and below 50 SMA. Weekly trading range was 264.86. Intermediate Cycle is negative with rising slope. Short term cycle is positive with rising slope. Market direction:- Buy.     

Dow Industrial closed at 26026.32 with a small spinning top doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 364.18. Intermediate Cycle is positive and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.   

Russell 2000 closed at 1589.6401 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 31.496. Intermediate Cycle is negative and rising. Short term cycle is positive and rising. Market direction:- Buy.      

Nasdaq 100 closed at 7151.5721 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 116.32. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.         

S&P 500 closed at 2803.69 with a small bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 38.36. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $55.75 per barrel with a bearish candle above its 8 EMA, 200 SMA and below its 21 EMA, 50 SMA. Weekly trading range was 2.86. Intermediate Cycle is negative and rising slope. Short term cycle is negative and rising slope. Market direction:- Buy.

Gold futures (GC) closed at 1294.5 with a big bearish candle below its 8 EMA and above its 21 EMA , 50 SMA and 200 SMA. Weekly trading range was 43.6. Intermediate Cycle is positive and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.  

Bonds (Weekly charts)
Bond futures (/ZB) closed at 143’26 with a big bearish candle below its 8 EMA, 21 EMA, 200 SMA and above its 50 SMA. Weekly trading range was 2.91. Intermediate Cycle is positive and rising slope. Short term cycle is positive and falling slope. Market direction:- Sell.         

High Yield bond ETF (HYG) closed at 85.61 with a spinning top doji candle above its 8 EMA, 21 EMA, 50 SMA and on its 200 SMA. Weekly trading range was 0.37. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.         

Currencies (Weekly charts)
The dollar index ($DXY) closed at 96.436 with a doji candle on its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 0.78. Intermediate Cycle is positive and falling slope. Short term cycle is positive and falling slope. Market direction:- Sell. It is in a Squeeze.

EUR/USD closed at 1.1362 with a small bullish candle on its 8 EMA and below its 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range was 0.0092. Intermediate Cycle is negative and rising slope. Short term cycle is negative and rising slope. Market direction:- Buy.       

USD/JPY closed at 111.82 with a big bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range was 1.722. Intermediate Cycle is negative and rising slope. Short term cycle is negative and rising slope. Market direction:- Buy.    

6S (Swiss Franc) closed at 1.0024 with a low closing spinning top doji candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range was 0.0089. Intermediate Cycle is negative and falling slope. Short term cycle is negative and falling slope. Market direction:- Sell. It is in a daily and weekly Squeeze.  

Relative Strength – Sectors
On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLK, XLE, XLI, XLU, XLB and XLF respectively.

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

Market Internals
Market Sentiment is bullish. Market Breadth is sloping upwards showing more gainers than losers. Volume Acc/Dis is sloping upward showing accumulation. Skew is at 126.97. Vix is at 13.57 and Vix futures 14.87.

The Week Ahead
Market internals continue to show strength. Skew is normal. Vix and Vix futures is below 14 and 16 respectively. The indices had a big positive close to the week on news of positive ending to the US-China Trade War. The prognosis is for continuing bullish market although caution is warranted as the indices have approached critical levels of resistance.

Gold has reversed downwards. Oil looks to reverse downwards as well.

To YOUR wealth!

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