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8 November 2019 – Weekly Review – All time highs


Indices (Weekly chart)
Dow Transportation closed at 11067.16 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 487.73. Fractal Chaos Band – broke 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 – 55.2. The index is in a weekly and monthly Squeeze.    

Dow Industrial closed at 27681.24 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 427.31. 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 – 62.8.

Russell 2000 closed at 1598.8639 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 21.782. Fractal Chaos Band – Above its FCB upperband. 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 – 58.3.       

Nasdaq 100 closed at 8255.8859 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 114.459. 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 – 66.1.

S&P 500 closed at 3093.08 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 31.88. 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 – 65.2.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $57.44 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, and 200 SMA. Weekly trading range was 2.12. Fractal Chaos Band – Within its FCB. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upwards. RSI – 52.1.

Gold futures (GC) closed at 1459.8 with a big bearish candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 60.1. Fractal Chaos Band – Crossed below its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – negative and falling slope. Market direction:- Weak DownTrend. Momentum – Strong Downward. RSI – 52.4.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 156’06 with a bg bearish marubozu candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 5.1857. Fractal Chaos Band – Closed below its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short cycle – negative and falling. Market direction:- Strong DownTrend. Momentum – Strong Downward. RSI – 47.2.         

High Yield bond ETF (HYG) closed at 86.85 with a small bearish candle below its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Weekly trading range – 0.44. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – positive and falling slope. Market direction:- Weak UpTrend. Momentum – Weak Downward. RSI – 52.2.

Currencies (Weekly charts)
The dollar index ($DXY) closed at 98.402 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 1.283. Fractal Chaos Band – Close within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – negative and rising slope. Market direction:- Weak UpTrend. Momentum – Strong Downward. RSI – 53.9.

EUR/USD closed at 1.1019 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.0158. 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 falling slope. Market direction:- Neutral. Momentum – Weak Upward. RSI – 44.5.   

USD/JPY closed at 109.29 with a bullish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Weekly trading range – 1.346. 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:- Strong UpTrend. Momentum – Strong Upward. RSI – 55.

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

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

Market Internals
Market Sentiment is bullish. Market Breadth is sloping downwards showing more losers than gainers. Volume Acc/Dis is sloping downwards showing distribution. Skew is at 123.30. Vix is at 12.07 and Vix futures 14.30.

The Week Ahead
The week ended with the indices powering to new all-time highs based on news that the phase 1 trade deal will be signed soon. Market internals are signalling a weakening. Skew is normal. Vix is below 13 and Vix futures is below 15. The prognosis is for a potential turnaround in the indices. .

To YOUR wealth!

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