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1 November 2019 – Weekly Review – New All-Time highs in indices


Indices (Weekly chart)
Dow Transportation closed at 10738.81 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 533.6. Fractal Chaos Band – Closed 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 – 55.2. The index is in a weekly and monthly Squeeze.    

Dow Industrial closed at 27347.36 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 429.14. Fractal Chaos Band – closed above its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. It is in a weekly and monthly Squeeze. RSI – 59.8.

Russell 2000 closed at 1589.33 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 36.458. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short Cycle Wave – positive and rising slope. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 57.2.       

Nasdaq 100 closed at 8161.167 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 144.06. Fractal Chaos Band – Broke above its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 64.1.

S&P 500 gapped up and closed at 3066.91 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 44.4. 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 – 63.3.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $56.23 per barrel with a bearish “hammer” candle above its 8 EMA, 21 EMA, 50 SMA, and 200 SMA. Weekly trading range was 3.21. Fractal Chaos Band – Within its FCB. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – negative and rising slope. Short cycle – negative and rising slope. Market direction:- Weak UpTrend. Momentum – Weak Upwards. RSI – 49.7.

Gold futures (GC) closed at 1516.7 with a small bullish spinning top doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 35.9. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Weak Upward. RSI – 67.4.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 161’00 with a bullish candle below its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Weekly trading range was 3.53. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short cycle – negative and falling. Market direction:- Weak UpTrend. Momentum – Strong Downward. RSI – 57.1.         

High Yield bond ETF (HYG) closed at 86.82 with a bearish candle below its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Weekly trading range – 0.86. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Weak Upward. RSI – 51.9.

Currencies (Weekly charts)
The dollar index ($DXY) closed at 97.121 with a bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range – 0.897. Fractal Chaos Band – Close within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – negative and falling slope. Short cycle – negative and falling slope. Market direction:- Strong DownTrend. Momentum – Strong Downward. RSI – 47.2.

EUR/USD closed at 1.1167 with a bullish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Weekly trading range – 0.0102. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – negative and rising slope. Short cycle – positive and rising slope. Market direction:- Weak UpTrend. Momentum – Strong Upward. RSI – 50.8.   

USD/JPY closed at 108.17 with a bearish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Weekly trading range – 1.4. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and falling slope. Market direction:- Weak UpTrend. Momentum – Weak Upward. RSI – 49.8.

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

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

Market Internals
Market Sentiment is rather bullish. Market Breadth is sloping upwards showing more gainers than losers. Volume Acc/Dis is sloping upwards showing accumulation. Skew is at 126.88. Vix is at 12.30 and Vix futures 14.65.

The Week Ahead
The week ended with the indices powering to new all-time highs based on the job report which still shows that the US economy is strong. Bond futures was volatile and pulled back but recovered at the close. Trade talks between the US and China appears to be going well and preliminary phase one agreement appears close. The prognosis going forward is for the indices to power to new highs. .

To YOUR wealth!

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