29 November 2019 – Thanksgiving / Black Friday market
Indices (Weekly chart) Dow Transportation ($DJT) closed at 10857.57 with an inverted hammer candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 217.24. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Weak Upward. RSI – 55.6. The index is in its monthly Squeeze.
Dow Industrial ($DJI) closed at 28051.41 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 299.35. Fractal Chaos Band – closed above its FCB. Long Cycle Wave – positive and rising. Medium CycleWave – positive and rising. Short cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. It is in a monthly Squeeze. RSI – 65.
Russell 2000 closed at 1624.5034 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 45.832. Fractal Chaos Band – closed 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 – 45.8315.
Nasdaq 100 closed at 8403.6849 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 173.5527. 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 – 68.3.
S&P 500 closed at 3140.98 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 43.97. Fractal Chaos Band – Above its FCB Upperband. 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 – 67.9.
Metals and Commodities (Weekly charts) WTI Crude oil futures (CL) closed at $55.42 per barrel with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range was 3.67. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Weak DownTrend. Momentum – Strong Upwards. RSI – 47.3.
Gold futures (GC) closed at 1470.4 with a small bullish candle below its 21 EMA and above its8 EMA, 50 SMA, 200 SMA. Weekly trading range was 19. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – negative and falling slope. Market direction:- Weak DownTrend. Momentum – Strong Downward. RSI – 54.3.
Bonds (Weekly charts) Bond futures (/ZB) closed at 159’04 with a bearish candle below its 8 EMA and above its 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.75. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and falling. Short cycle – negative and rising. Market direction:- Weak UpTrend. Momentum – Weak Downward. RSI – 52.4.
High Yield bond ETF (HYG) closed at 86.94 with a small bullish candle intertwined with its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range – 0.46. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – positive and falling slope. Market direction:- Weak UpTrend. Momentum – Weak Downward. RSI – 53.
Currencies (Weekly charts) The dollar index ($DXY) closed at 98.271 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.37. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and falling slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upward. RSI – 53.1.
EUR/USD closed at 1.1023 with a doji candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.005. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – negative and falling slope. Medium Cycle Wave – negative and rising slope. Short cycle – negative and falling slope. Market direction:- Strong DownTrend. Momentum – Strong Downward. RSI – 44.6.
USD/JPY closed at 109.53 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range – 1.093. 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 rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upward. RSI – 55.8.
Relative Strength – Sectors On a 3-monthly lookback, the relative strength order of the ETFs are XLF, XLK, /ES, SPY, XLV, SPX, XLP, XLI, XLY, XLB, XLE and XLU respectively.
On a 12-monthly lookback, the relative strength order of the ETFs are XLK, XLF, XLP, /ES, SPY, SPX, XLV, XLI, XLB, XLY, XLU and XLE respectively.
Market Internals Market Sentiment is extremely bullish. Market Breadth is sloping upwards showing more gainers than losers. Volume Acc/Dis is sloping upwards showing accumulation. Skew is at 129.83. Vix is at 12.62 and Vix futures 14.13.
The Week Ahead The indices continue to be bullish. Market Internals still show strength. The indices are overbought on the daily chart and nearly overbought on the weekly chart. This is a short week due to holidays in the USA. The prognosis is for continuing buying pressure and selling pressure as well. Caution is advised as we can expect some volatility.
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.
29 November 2019 – Thanksgiving / Black Friday market
Indices (Weekly chart)
Dow Transportation ($DJT) closed at 10857.57 with an inverted hammer candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 217.24. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Weak Upward. RSI – 55.6. The index is in its monthly Squeeze.
Dow Industrial ($DJI) closed at 28051.41 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 299.35. 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. It is in a monthly Squeeze. RSI – 65.
Russell 2000 closed at 1624.5034 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 45.832. Fractal Chaos Band – closed 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 – 45.8315.
Nasdaq 100 closed at 8403.6849 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 173.5527. 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 – 68.3.
S&P 500 closed at 3140.98 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 43.97. Fractal Chaos Band – Above its FCB Upperband. 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 – 67.9.
Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $55.42 per barrel with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range was 3.67. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Weak DownTrend. Momentum – Strong Upwards. RSI – 47.3.
Gold futures (GC) closed at 1470.4 with a small bullish candle below its 21 EMA and above its8 EMA, 50 SMA, 200 SMA. Weekly trading range was 19. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – negative and falling slope. Market direction:- Weak DownTrend. Momentum – Strong Downward. RSI – 54.3.
Bonds (Weekly charts)
Bond futures (/ZB) closed at 159’04 with a bearish candle below its 8 EMA and above its 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.75. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and falling. Short cycle – negative and rising. Market direction:- Weak UpTrend. Momentum – Weak Downward. RSI – 52.4.
High Yield bond ETF (HYG) closed at 86.94 with a small bullish candle intertwined with its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range – 0.46. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – positive and falling slope. Market direction:- Weak UpTrend. Momentum – Weak Downward. RSI – 53.
Currencies (Weekly charts)
The dollar index ($DXY) closed at 98.271 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.37. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and falling slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upward. RSI – 53.1.
EUR/USD closed at 1.1023 with a doji candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.005. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – negative and falling slope. Medium Cycle Wave – negative and rising slope. Short cycle – negative and falling slope. Market direction:- Strong DownTrend. Momentum – Strong Downward. RSI – 44.6.
USD/JPY closed at 109.53 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range – 1.093. 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 rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upward. RSI – 55.8.
Relative Strength – Sectors
On a 3-monthly lookback, the relative strength order of the ETFs are XLF, XLK, /ES, SPY, XLV, SPX, XLP, XLI, XLY, XLB, XLE and XLU respectively.
On a 12-monthly lookback, the relative strength order of the ETFs are XLK, XLF, XLP, /ES, SPY, SPX, XLV, XLI, XLB, XLY, XLU and XLE respectively.
Market Internals
Market Sentiment is extremely bullish. Market Breadth is sloping upwards showing more gainers than losers. Volume Acc/Dis is sloping upwards showing accumulation. Skew is at 129.83. Vix is at 12.62 and Vix futures 14.13.
The Week Ahead
The indices continue to be bullish. Market Internals still show strength. The indices are overbought on the daily chart and nearly overbought on the weekly chart. This is a short week due to holidays in the USA. The prognosis is for continuing buying pressure and selling pressure as well. Caution is advised as we can expect some volatility.
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.
Share this:
Related