13 April 2020 – Slight pullback, UpTrend continues

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

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

Market Internals
Market Sentiment – Bullish. Put/Call ratio – 0.83. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Vix – 41.17 and Vix Futures – 40.90. Skew – 119.60.

The indices continued its uptrend. It is still in a Squeeze on the daily chart. Market Sentiment has turned bullish. The ES and NQ have exited its bear market. The prognosis is for a bullish bias to the market.

Details

Indices
Dow Transportation – closed at 8036.98. Daily trading range is 265. Fractal Chaos Band – closed within its FCB. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 49.3.

Dow Industrial closed at 23390.77. Daily trading range – 624.022. Fractal Chaos Band – above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 52.3.

Russell 2000 closed at 1212.04. Daily trading range – 45.8. Fractal Chaos Band – closed above its FCB. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 50.1.

Nasdaq 100 closed at 8332.7382. Daily trading range – 179.5704. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 55.5.

S&P 500 (SPX) closed at 2761.63. Daily trading range – 68.63. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 53.3.

Metals and Commodities
WTI Crude oil futures (CL) closed at $22.42. Daily trading range – 2.71. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Neutral. RSI – 38.4. It is in a Squeeze.

Gold (/GC) closed at 1762.9. Daily trading range – 48.6 Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 67.3.

Commodities (DBC) ETF closed at 11.76. Daily trading range – 0.21. Fractal Chaos Band – closed above its FCB. Market direction – Weak Upward. Momentum – Strong Upward. RSI – 46.6.

Bonds
Bond futures (/ZB) closed at 177’21. Daily trading range – 1.625. Fractal Chaos Band – closed within its FCB. Market direction – Weak DownTrend. Momentum – Strong Downward. RSI – 51.6. It is in a preliminary Squeeze.

High Yield bond ETF (HYG) closed at 81.18. Daily trading range – 1.94. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 57.1.

Currency
The dollar index ($DXY) closed at 99.486. Daily trading range – 0.4909. Fractal Chaos Band – closed within its FCB. Market direction – Weak DownTrend. Momentum – Strong Downward. RSI – 49.1.

EUR/USD closed at 1.0908. Daily trading range – 0.0075. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Strong Upward. RSI – 48.6.

USD/JPY closed at 107.74. Daily trading range – 1.0249. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 45.7.

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

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

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