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Z5 Fri, 14 June 2024

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Z5 Wed, 12 June 2024

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Z5 Tue, 11 June 2024

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Z5 Mon, 10 June 2024

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Z5 Fri 31 May 2024

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Z5 Wed, 29 May 2024

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Z5 Tues, 28 May 2024

28

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Z5 Mon, 27 May 2024 – Memorial Day

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Z5 Fri, 24 May 2024

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Z5 Mon, 20 May 2024

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12 June 2019 – No Good News, further pullback

Indices
Dow Transportation closed at 10246.96 with a small bullish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Daily trading range was 99.3. Long Cycle is negative and rising slope. Medium Cycle is negative and rising slope. Short Term Cycle is positive and rising slope. Market direction – Buy. RSI is 49.1.

Dow Industrial closed at 26004.83 with a small bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 123.44. Long Cycle is negative with rising slope. Medium Cycle is positive and rising slope. Short Term Cycle is positive and rising slope. Market direction – Buy. RSI is 56.4.

Russell 2000 closed at 1519.7916 with a tiny candle above its 8 EMA, on its 21 EMA and below its 50 SMA, 200 SMA. Daily trading range was 9.6. Long Cycle is negative and slow rising slope. Medium Cycle is negative and rising slope. Short Cycle is positive and rising slope. Trend is Up. Momentum is Up. Market direction: Buy. 

Nasdaq 100 gapped up and closed at 7472.2944 with a small bearish candle above its 8 EMA, 21 EMA, 200 SMA and below its 50 SMA. Daily trading range was 54.65. Long Cycle is negative and rising slope. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.

S&P 500 (SPX) gapped up and closed at 2885.72 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA, 200SMA. Daily trading range was 32.08. Long Cycle is negative and rising slope. Medium Cycle is positive and rising slope. Short Cycle is positive and sharp rising slope. Market direction: Buy.    

Metals and Commodities
WTI Crude oil futures (CL) closed at $51.08 per barrel with a bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 2.33. Long Cycle is negative and falling slope. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. RSI is 26.9.

Gold (/GC) closed at 1337.2 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 12.5. Long Cycle is positive and rising slope. Medium Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Buy. RSI is 67.7

Commodities (DBC) ETF closed at 15.02 with a bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range was 0.22. Long Cycle is negative and falling slope. Medium Cycle is negative and falling slope. Short Cycle is positive and rising slope. Market direction: Sell. RSI is 37.2.    

Bonds
Bond futures (/ZB) closed at 153’22 with a small inverted candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.7812. Long Cycle is positive and rising. slope. Medium Cycle is positive and falling slope. Short Cycle is negative and rising slope. Market direction: Buy.

High Yield bond ETF (HYG) gapped up and closed at 86.15 with a bearish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.22. Long Cycle is negative and rising slope. Medium Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. 

Currency
The dollar index ($DXY) closed at 96.956 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 0.436. Long Cycle is negative and falling slope. Medium Cycle is negative and rising slope. Short Cycle is negative and rising slope. Market direction: Sell.    

EUR/USD closed at 1.1286 with a big bearish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 0.006. Long Cycle is positive and rising slope. Medium Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Buy. RSI is 59.

USD/JPY closed at 108.49 with a small dragonfly doji below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.346. Long Cycle is negative and rising slope. Medium Cycle is negative and rising slope. Short Cycle is positive and rising 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 XLB, XLK, XLY and XLP.

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

Market Internals
Market Sentiment is bullish. Market Breadth is sloping slightly upward showing more gainers to losers. Volume Acc/Dis is sloping slightly upwards and showing slowing accumulation. Skew is at 114.66. Vix is at 15.91 and Vix Futures is at 16.50.   

The Week Ahead 
The indices have pulled back slightly but the trend remains upwards. Market Sentiment is bullish and market internals continues to signal bullishness. Skew is normal. Vix is below 16 and Vix futures is below 17. The prognosis is for continuing strength although the indices may pull back slightly.

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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