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6 April 2020 – Indices rocket upward

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

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

Market Internals
Market SentimentBearish. Put/Call ratio – 0.876. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Vix – 45.24 and Vix Futures – 41.67. Skew – 121.01.

The indices rocketed upward as the market sensed that the world is turning a corner in the fight to contain the spread of the COVID-19 infections. Spain and Italy looked to be peaking and those are the worse countries that are hard hit by the pandemic. USA should be peaking with the next 4 weeks but many things are still in a fluid.

Details

Indices
Dow Transportation – closed at 7837.69. Daily trading range is 569.68. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Weak Upward. RSI – 46.9.

Dow Industrial closed at 22679.99. Daily trading range – 1730.92. Fractal Chaos Band – broke above its FCB. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 49.6.

Russell 2000 closed at 1138.77. Daily trading range – 87.8858. Fractal Chaos Band – closed within its FCB. Market direction – Weak DownTrend. Momentum – Weak Upward. RSI – 44.5.

Nasdaq 100 closed at 8081.6627. Daily trading range – 582.546. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 52.3.

S&P 500 (SPX) closed at 2663.68. Daily trading range – 188.2. Fractal Chaos Band – closed above its FCB. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 49.8.

Metals and Commodities
WTI Crude oil futures (CL) closed at $26.3. Daily trading range – 3.72. Fractal Chaos Band – closed above its FCB. Market direction – Neutral. Momentum – Strong Upward. RSI – 43.8.

Gold (/GC) closed at 1707.7. Daily trading range – 77.6. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 63.8.

Commodities (DBC) ETF closed at 11.48. Daily trading range – 0.19. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Strong Upward. RSI – 39.8.

Bonds
Bond futures (/ZB) closed at 180’20. Daily trading range – 1.9062. Fractal Chaos Band – closed within its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 57.6. Squeeze – Yes.

High Yield bond ETF (HYG) closed at 75.34. Daily trading range – 2.01. Fractal Chaos Band – closed within its FCB. Market direction – Weak DownTrend. Momentum – Neutral. RSI – 43.9.

Currency
The dollar index ($DXY) closed at 100.79. Daily trading range – 0.456. Fractal Chaos Band – closed within its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 56.2.


EUR/USD closed at 1.0789. Daily trading range – 0.0066. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 42.2.

USD/JPY closed at 109.17. Daily trading range – 0.98. Fractal Chaos Band – closed within its FCB. Market direction – Strong UpTrend. Momentum – Neutral. RSI – 51.6.

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

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


To Your Wealth!
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