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27 March 2020 – Weekly Review – Indices Reversed Upward


Indices (Weekly chart)
Dow Transportation ($DJT) closed at 7699.18 with a big bullish engulfing candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 1644.42. Fractal Chaos Band – closed below 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. RSI30. It closed at 33.7% below its all-time high. It is in Bear Market Territory.

Dow Industrial ($DJI) closed at 21636.78 with a big bullish engulfing candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 4381.41. Fractal Chaos Band – closed below 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. RSI32.6. It closed at 26.8% below its all-time high. It is in Bear Market Territory.

Russell 2000 closed at 1131.987 with a big bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 213.89. Fractal Chaos Band – closed below its FCB. Long Cycle Wave – negative and falling slope. Medium Cycle Wave – negative and falling slope. Short Cycle Wave – negative and rising slope. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI28.2. It closed at 35% below its all-time high. It is in a bear market.       

Nasdaq 100 closed at 7588.3729 with an inverted hammer candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range – 1141.194. Fractal Chaos Band – Below its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and falling. Short cycle – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 40. The Nasdaq closed at 22% below its all-time high. It is in a Bear Market.

S&P 500 (SPX) closed at 2941.47 with a big bullish engulfing candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 445.15. 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 – 33.6.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $21.84 per barrel with a doji candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 4.44. Fractal Chaos Band – Below its FCB. Long Cycle Wave – negative and falling slope. Medium Cycle Wave – negative and falling slope. Short cycle – negative and falling slope. Market direction:- Strong DownTrend. Momentum – Strong Downwards. RSI – 17.4.

Gold futures (GC) closed at 1654 with a huge bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range was 214.7. Fractal Chaos Band – closed 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 – Weak Downward. RSI – 60.2.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 180’20 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range was 6.375. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle – positive and falling. Market direction:- Strong UpTrend. Momentum – Weak Upward. RSI – 76.7.

High Yield bond ETF (HYG) closed at 77.03 with a huge bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 10.85. Fractal Chaos Band – closed below its FCB. Long Cycle Wave – negative and falling slope. Medium Cycle Wave – negative and falling slope. Short cycle – negative and rising slope. Market direction:- Strong DownTrend. Momentum – Strong Downward. RSI – 34.1.

Currencies (Weekly charts)
The dollar index ($DXY) closed at 98.306 with a ginormous bearish marubozu candle below its 8 EMA and above its 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 4.709. 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 falling slope. Market direction:- Strong UpTrend. Momentum – Weak Upward. RSI – 50.5.

EUR/USD closed at 1.1134 with a ginomous bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range – 0.0511. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – negative and rising . Short cycle – negative and rising. Market direction:- Weak DownTrend. Momentum – Weak Downward. RSI – 52.2.   

USD/JPY closed at 110.96 with a huge bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range – 4.1869. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – negative and falling slope. Short cycle – positive and rising. Market direction:- Weak UpTrend. Momentum – Weak Upward. RSI – 47.

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

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

Market Internals
Market Sentiment is bearish. Market Breadth is sloping slightly upward showing more gainers than losers. Volume Acc/Dis is sloping upwards and showing accumulation. Skew is at 117.41. Vix is at 65.54 and Vix futures 53.40.

The Week Ahead
The market reversed upwards on Tuesday and formed a doji sandwich by Thursday. It pulled back on profit taking on Friday. The uptrend is still intact. Both Houses of Representatives and Senate and Donald Trump have signed off on the US$2 Trillion stimulus. That is money conjured out of nowhere to be pumped into the US economy. Problems will persist and become more convoluted as successive US Government takes to money printing each the US economy tanked. The prognosis is for the market to trend upwards due to the stimulus.

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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