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Z5 Fri, 29 December 2023

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21 October 2019 – Indices breaks out

Indices
Dow Transportation closed at 10652.12 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range is 181.31. Fractal Chaos Band – closed above its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 63.3.

Dow Industrial closed at 26827.64 with a small bearish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 105.05. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Neutral. RSI – 52.7.

Russell 2000 closed at 1550.1395 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 21.534. Fractal Chaos Band – above its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 59.1.

Nasdaq 100 closed at 7940.331 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 72.99. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 58.2.

S&P 500 (SPX) closed at 3006.72 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 21.13. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 58.2.

Metals and Commodities
WTI Crude oil futures (CL) closed at $53.64 per barrel with a spinning top doji candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 1.32. Fractal Chaos Band – within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – positive and falling. Market direction – Strong DownTrend. Momentum – Weak Upward. RSI – 45.3.

Gold (/GC) closed at 1487.7 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 13.9. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 43.5.

Commodities (DBC) ETF closed at 15.23 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 0.09. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Weak Upward. RSI – 53.2.

Bonds
Bond futures (/ZB) closed at 159’08 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 1.3125. Fractal Chaos Band – below its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 37.9.

High Yield bond ETF (HYG) gapped up and closed at 87.12 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.08. Fractal Chaos Band – above its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 56.5.

Currency
The dollar index ($DXY) closed at 97.321 with a doji candle below its 8 EMA, 21 EMA, 50 SMA and on its 200 SMA. Daily trading range – 0.259. Fractal Chaos Band – below its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 34.1.


EUR/USD closed at 1.1148 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 0.004. Fractal Chaos Band – closed above its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 65.8.

USD/JPY closed at 108.59 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 0.375. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Neutral. RSI – 60.6.

Relative Strength – Sectors On a 3-monthly lookback, the relative strength order of the S&P ETF 500 sectors are XLF, /ES, SPX, XLK, SPY, XLV, XLY, XLU, XLP, XLI, XLB and XLE.

On a 12-monthly lookback, the relative strength order of the S&P 500 ETFs are /ES, SPX, XLF, XLK, SPY, XLU, XLY, XLP, XLI, XLB, XLV and XLE.  

Market Internals
Market Sentiment – Overly Bullish. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upwards and showing accumulation. Skew – 128.44. Vix – 14 and Vix Futures – 16.   

The Week Ahead 
The market internals, high yield bond have been indicating a bullish and risk-on market and that is exactly what the market did. The indices trended upwards with the exception of the Dow Industrial which was pulled down by Boeing. Bond traded downwards. Brexit has its uncertainties and the ongoing US – China War is still on but the market is betting that those issues will be resolved. The prognosis is for a bullish market for the indices.

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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