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9 April 2020 – Bulls target 50% Fibs Retracement

Summary (The Week Ahead)
$DJTUpTrend and in a preliminary Squeeze. /YMUpTrend and in a preliminary Squeeze. /RTYUpTrend and in a Squeeze. /NQUpTrend and in a Squeeze. /ESUpTrend and in a preliminary Squeeze.

/CLDownTrend and in preliminary Squeeze. /GCUpTrend. /ZBDownTrend and in a preliminary Squeeze. $DXYDownTrend. HYGUpTrend.

Market Internals
Market SentimentBearish. Put/Call ratio – 0.912. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Vix – 41.67 and Vix Futures – 41.10. Skew120.85.

The indices continued its uptrend. It is still in a Squeeze on the daily chart. Market Sentiment continues to be bearish. The ES and NQ have exited its bear market. The prognosis is for a bullish bias to the market even though market sentiment remains bearish.

Details

Indices
Dow Transportation – closed at 8236.92. Daily trading range is 318.83. Fractal Chaos Band – closed above its FCB. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 52.

Dow Industrial closed at 23719.37. Daily trading range – 575.42. Fractal Chaos Band – above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 53.9.

Russell 2000 gapped up and closed at 1246.73. Daily trading range – 58.47. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 52.9.

Nasdaq 100 closed at 8238.529. Daily trading range – 166.2985. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 54.2.

S&P 500 (SPX) closed at 2789.82. Daily trading range – 68.59. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 54.6.

Metals and Commodities
WTI Crude oil futures (CL) closed at $23.19. Daily trading range – 5.79. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Weak Upward. RSI – 38.9.

Gold (/GC) closed at 1740.6. Daily trading range – 78. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 64.8.

Commodities (DBC) ETF closed at 11.56. Daily trading range – 0.37. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Strong Upward. RSI – 41.8.

Bonds
Bond futures (/ZB) closed at 178’14. Daily trading range – 1.625. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Strong Downward. RSI – 53.5. Squeeze – Yes.

High Yield bond ETF (HYG) closed at 82.36. Daily trading range – 6.75. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 60.2.

Currency
The dollar index ($DXY) closed at 99.458. Daily trading range – 0.937. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Weak Downward. RSI – 49.9.


EUR/USD closed at 1.0938. Daily trading range – 0.0037. Fractal Chaos Band – closed within its FCB. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 49.7.

USD/JPY closed at 108.35. Daily trading range – 0.411. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Neutral. RSI – 49.2.

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

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


To Your Wealth!
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