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Z5 Fri 26 July 2024

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16 April 2019 – Notre Dame burns, slow grind upwards for indices

Indices
Dow Transportation closed at 10826.72 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 102.96. Intermediate Cycle is positive and rising slope. Short Term Cycle is positive and falling slope. Market direction – Buy.

Dow Industrial closed at 26452.66 with a small doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 145.94. Intermediate Cycle is positive and rising slope. Short Term Cycle is positive and rising slope. Market direction – Buy. 

Russell 2000 closed at 1582.7852 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 6.26. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. 

Nasdaq 100 closed at 7654.7314 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 41.28. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Buy.

S&P 500 (SPX) closed at 2907.06 with a small doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 15.35. 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 $64.33 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 1.38. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Buy.  

Gold futures (GC) closed at 1279.5 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 16.2. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.

Commodities (DBC) ETF closed at 16.22 with a bullish candle on its 8 EMA and above its 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 0.13. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Buy.   

Bonds
Bond futures (/ZB) closed at 146’12 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 0.875. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.

High Yield bond ETF (HYG) closed at 86.85 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.15. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. 

Currency
The dollar index ($DXY) closed at 97.051 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.208. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Sell.    

EUR/USD closed at 1.1279 with a bearish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Daily trading range was 0.0034. Intermediate Cycle is negative and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. It is in a weekly Squeeze.

USD/JPY closed at 111.97 with a doji candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range was 0.196. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. 

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

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

Market Internals
Market Sentiment is bullish. Market Breadth is sloping upwards showing more gainers to losers. Volume Acc/Dis is sloping upwards and showing accumulation. Skew is at 125.81. Vix is at 12.18 and Vix Futures is at 14.55.   

The Week Ahead 
Market Internals are strong. Skew is normal. Vix is below 13 and Vix futures is below 15. The market is anticipating an increase in volatility in the near future. Market Sentiment remains bullish. The prognosis is for the uptrend to continue but volatility can be expected.

To YOUR wealth!
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