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Z5 Fri, 29 March 2024

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24 June 2019 – Is Transportation and Russell 2000 leading the market down?

Indices
Dow Transportation closed at 10197.39 with a big bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 174.73. Fractal Chaos Band – Within. Long Cycle Wave – negative and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – negative and falling. Market direction – DownTrend. Momentum – Neutral. RSI – 46.2.

Dow Industrial closed at 26727.54 with a small gravestone doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 87.39. Fractal Chaos Band – above FCB. Long Cycle – positive and rising. Medium Cycle – positive and rising. Short Cycle – positive and rising. Market direction – UpTrend. Momentum – Upward. RSI – 68.8.

Russell 2000 closed at 1530.0835 with a bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 21.57. Fractal Chaos Band – Broke back below UpperBand. Long Cycle Wave – negative and rising. Medium Cycle Wave – positive and falling. Short Cycle – positive and falling. Market direction – DownTrend. Momentum – Upward. RSI – 49.1.

Nasdaq 100 closed at 7723.0215 with a small bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 25.9. Fractal Chaos Band – above the FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – UpTrend. Momentum – Upward. RSI – 64.1.

S&P 500 (SPX) closed at 2945.35 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA, 200SMA. Daily trading range – 10.87. Fractal Chaos Band – above FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – UpTrend. Momentum – Upward. RSI – 65.9.   

Metals and Commodities
WTI Crude oil futures (CL) closed at $57.75 per barrel with a small doji candle above its 8 EMA, 21 EMA and below its 50 SMA and 200 SMA. Daily trading range – 0.35. Fractal Chaos Band – above FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – UpTrend. Momentum – Upward. RSI – 56.

Gold (/GC) closed at 1423.3 with a big bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 22.1. Fractal Chaos Band – above FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – UpTrend. Momentum – Upward. RSI – 86.4.

Commodities (DBC) ETF closed at 15.77 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 0.115. Fractal Chaos Band – within FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – UpTrend. Momentum – Upward. RSI – 58.7.    

Bonds
Bond futures (/ZB) closed at 155’15 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.9687. Fractal Chaos Band – within. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – UpTrend. Momentum – Neutral. RSI – 67.1.

High Yield bond ETF (HYG) closed at 87.32 with a small doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.09. Fractal Chaos Band – with FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – UpTrend. Momentum – Upward. RSI – 64.7.

Currency
The dollar index ($DXY) closed at 96.004 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.2309. Fractal Chaos Band – below LowerBand FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – DownTrend. Momentum – Strong Downward. RSI – 31.9.

EUR/USD closed at 1.1397 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.0036. Fractal Chaos Band – above FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – UpTrend. Momentum – Upward. RSI – 66.7.

USD/JPY closed at 107.28 with a small doji candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.29. Fractal Chaos Band – below FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – DownTrend. Momentum – Downward. RSI – 24.3.

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

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

Market Internals
Market Sentiment – bullish. Market Breadth – sloping upward showing more gainers to losers. Volume Acc/Dis – sloping downwards and showing distribution. Skew -117.09. Vix – 15.26 and Vix Futures – 16.50.   

The Week Ahead 
Market Sentiment remains bullish. The leading indicator of Dow Transportation and Russell 2000 are showing Sell signals. The ES, NQ and YM are range trading at the top. Skew is normal. Vix is below 16 and Vix futures is below 17. The prognosis is for caution as the 2 leading indicators are showing Sell signals.

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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