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1 May 2020 – Weekly Review – Tariff on China, Indices head downward

Summary (Weekly Chart)
$DJTDownTrend. /YMUpTrend. /RTYDownTrend. /NQUpTrend. /ESUpTrend.

/CLDownTrend. /GCUpTrend and in a preliminary Squeeze. /ZBUpTrend. $DXYUpTrend. HYGDownTrend.

Summary (Daily Chart)
$DJT – DownTrend. /YMUpTrend. /RTYUpTrend. /NQUpTrend. /ESUpTrend.

/CLUpTrend. /GCUpTrend and in a Squeeze. /ZBUpTrend. $DXYDownTrend. HYGDownTrend.

Market Internals (Daily Chart)
Market SentimentBearish. Put/Call ratio – 1.044. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping downward and showing distribution. Longer term Volume Acc/Dis is still showing an UpTrend. Vix – 37.19 and Vix Futures – 37.40. Skew129.97.

It has been a turbulent week from news that Gilead drug Remdesivir is effective against corona virus which sent the indices upwards to news that Trump will be putting on tariffs against China caused the market to tank. Market Sentiment has turned bearish. Market Breadth continues to show more gainers to losers. Market volume is showing distribution. Vix is flat for the week. Overall, market internals are giving mixed signals. The prognosis is for volatile market.

Currency
The dollar index ($DXY) closed at 98.680. Daily trading range – 0.569. Fractal Chaos Band – closed below its FCB. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 41.


EUR/USD closed at 1.0979. Daily trading range – 0.0084. Fractal Chaos Band – closed within its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 56.5.

USD/JPY closed at 106.89. Daily trading range – 0.8. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Weak Downward. RSI – 42.8.

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

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


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