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2 April 2020 – Unemployment increases to over 6 Million. Indices hold.

Summary (The Week Ahead)
$DJT – DownTrend and preliminary Squeeze. /YM – DownTrend. /RTY – DownTrend. /NQ – DownTrend and Squeeze. /ES – DownTrend and preliminary Squeeze.

/CL – DownTrend. /GC – DownTrend and preliminary Squeeze. /ZB – UpTrend and Squeeze. $DXY – UpTrend. HYG – DownTrend.

Market Internals
Market Sentiment – Bearish. Put/Call ratio – 1.047. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping downward and showing distribution. Vix – 51.86 and Vix Futures – 48.30. Skew – 118.43.

Unemployment figures have crept above 6 Million. Infection rate from Covid-19 is over 245,000 and death at over 6000 in the USA. The indices are holding perhaps in expectation of more stimulus money although the economy has temporarily slowed down due to the pandemic. The prognosis is for the market will continue to be under selling pressure.

Details

Indices
Dow Transportation – closed at 7445.71. Daily trading range is 256.02. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Weak Downward. RSI – 40.9.

Dow Industrial closed at 21413.44. Daily trading range – 742.75. Fractal Chaos Band – closed 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 – 43.8.

Russell 2000 closed at 1085.808. Daily trading range – 46.758. Fractal Chaos Band – closed 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 – 38.9.

Nasdaq 100 closed at 7635.6582. Daily trading range – 209.587. Fractal Chaos Band – closed 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 – 46.2.

S&P 500 (SPX) closed at 2526.90. Daily trading range – 77.43. Fractal Chaos Band – closed 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 – 44.1.

Metals and Commodities
WTI Crude oil futures (CL) closed at $24.75. Daily trading range – 6.63. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and rising. Market direction – Weak DownTrend. Momentum – Weak Upward. RSI – 38.5.

Gold (/GC) closed at 1635.2. Daily trading range – 50.4. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short Cycle Wave – positive and falling slope. Market direction – Strong UpTrend. Momentum – Weak Downward. RSI – 53.6.

Commodities (DBC) ETF closed at 11.14. Daily trading range – 0.57. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Neutral. RSI – 32.2.

Bonds
Bond futures (/ZB) closed at 181’31. Daily trading range – 1.5. 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 – 61.6. Squeeze – Yes.

High Yield bond ETF (HYG) closed at 75.16. Daily trading range – 2.07. Fractal Chaos Band – closed 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 – 41.9.

Currency
The dollar index ($DXY) closed at 100.104. Daily trading range – 1.074. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – negative and rising. Market direction – Strong UpTrend. Momentum – Weak Downward. RSI – 56.4.


EUR/USD closed at 1.0855 with a bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.0147. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – positive and falling. Market direction – Strong DownTrend. Momentum – Neutral. RSI – 41.3.

USD/JPY closed at 107.01. Daily trading range – 1.0759. 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 – 50.1.

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

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


To Your Wealth!
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