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Z5 Fri 26 July 2024

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Z5 Thur, 25 July 2024

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Z5 Wed, 24 July 2024

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Z5 Tues, 23 July 2024

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Z5 Mon, 22 July 2024

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Z5 Tue, 9 July 2024

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Z5 Mon, 8 July 2024

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Z5 Fri, 5 July 2024

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Z5 Thur, 4 July 2024

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Z5 Mon, 1 July 2024

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14 May 2019 – Small recovery in indices

Indices
Dow Transportation closed at 10454.97 with a bullish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 223.09. Intermediate Cycle is positive and falling slope. Short Term Cycle is negative and falling slope. Market direction – Sell.

Dow Industrial closed at 25532.05 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 363.97. Intermediate Cycle is negative and falling slope. Short Term Cycle is negative and falling slope. Market direction – Sell. 

Russell 2000 closed at 1543.0584 with a bullish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 24.84. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. 

Nasdaq 100 closed at 7401.8837 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 124.893. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.

S&P 500 (SPX) closed at 2834.41 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 40.67. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.    

Metals and Commodities
WTI Crude oil futures (CL) closed at $61.34 per barrel with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 1.42. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.

Gold futures (GC) closed at 1297.5 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 9.9. Intermediate Cycle is negative and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.

Commodities (DBC) ETF closed at 15.82 with a bullish candle above its 8 EMA and below its 21 EMA, 50 SMA, 200 SMA. Daily trading range was 0.27. Intermediate Cycle is negative and falling slope. Short Cycle is negative and rising slope. Market direction: Sell.   

Bonds
Bond futures (/ZB) closed at 149’09 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range was 0.5625. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.

High Yield bond ETF (HYG) closed at 85.63 with a doji candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 0.39. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. 

Currency
The dollar index ($DXY) closed at 97.516 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range was 0.285. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.    

EUR/USD closed at 1.1203 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range was 0.0042. Intermediate Cycle is negative and rising slope. Short Cycle is negative and rising slope. Market direction: Buy. It is in a daily and weekly Squeeze.

USD/JPY closed at 109.58 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range was 0.632. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. 

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

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

Market Internals
Market Sentiment is slightly bullish. Market Breadth is sloping downwards showing more losers to gainers. Volume Acc/Dis is sloping downwards and showing distribution. Skew is at 119.95. Vix is at 18.06 and Vix Futures is at 17.75.   

The Week Ahead 
The market recovered slightly from its oversold condition. Vix and Vix futures are now below 19 and 18 respectively. Market Sentiment is slightly bullish. Market internals remain bearish. SKEW is normal. The prognosis is for continuing volatility and continuing selling pressure.

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