It was a positive day for the indices with the Nasdaq catching up with other indices. Like the Nasdaq, the S&P 500 had a positive day and playing catch-up to the Dow Transportation, Dow Industrial and Russell 2000.
WTI Oil futures remained trading between $45-$46 per barrel. Gold and Silver carried on its downward trend with Gold nearing the round numbers of $1200 per barrel.
The US Dollar index is now firmly ensconced above 100 with the uptrend continuing. Bond is still in a sell-off mode.
Dow Transportation probed for its bottom twice within an hour after market open before surging upward. It closed witha small bullish candle above its moving averages. Momentum is upwards. Volumetric buying pressure is at 100%. The index is in a monthly Squeeze.
Dow Industrial probed for the bottom twice within an hour after market open. It then traded upward till the end of the day and closed with a small bullish candle above all its moving averages. Momentum remains upward. Short term volumetric buying pressure is at 99.9%. The index is still in a monthly Squeeze.
Russell 2000 surged upward on market open but met selling pressure. It held and range traded throughout the day and closed with a bullish marubozu candle above all its moving averages. Momentum is upward and in a sharp uptrend. Volumetric buying pressure is at 100%.
Nasdaq 100 surged upward on market open and continued trading upward till the end of the day. It closed with bullish marubozu candle above its 50 SMA and 21 EMA. Momentum is upward. Volumetric buying pressure is at 99.9%. The index is in a monthly Squeeze.
S&P 500 surged upward on market open and continued trading upward till the end of the day. It closed with a bullish candle above its moving averages. Volumetric buying pressure is at 99.8%. The index is in a weekly and monthly Squeeze.
Metals and Commodities
WTI Crude oil futures pulled back from its 50 SMA and closed below its 21 EMA at 45.53. Momentum remains downward.
Gold futures continued its downtrend is trading at 1210.6. Momentum remains downward.
Silver futures continued its downtrend and trading at $16.535 per ounce.
Agriculture (DBA) ETF traded upward and closed with a doji candle at 20.13.
Commodities (DBC) ETF gapped up, sold down and closed with a bearish candle below its moving averages at 14.55.
Bonds
Bond futures (ZB) traded sideways and closed with a small doji candle below its moving averages at 153’13. Momentum remains downward.
High Yield bond ETF (HYG) traded down slightly and closed with an inverted bearish hammer candle below its moving averages at 84.63.
Bonds ETF (TLT) traded downward and closed below its moving averages at 121.20. It remains in a downtrend.
Currencies
The dollar index continued its sharp uptrend and closed with a doji candle above its moving averages at 101.055.
EUR/USD traded sharply downward and is trading at 1.06232.
USD/JPY has been trading sharply upward and closed with a bullish marubozu candle above its moving averages at 110.064.
Relative Strength – Sectors
On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLF, XLI, XLV, XLY and XLE respectively.
On a 3-month lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLF, XLI, XLE, XLV, XLY and XLB respectively.
Market Internals
Vix closed at 13.37. Vix futures is at 15.10. Skew is at 123.06. Market sentiment is bullish. Market breadth has a slight slope upward. Volumetric accumulation/distribution is sloping sharply upward.
The Week Ahead
The leading indices such as the Dow Jones Industrial and Transportation and also the Russell 2000 are consolidating. The Nasdaq 100 and S&P 500 played catch-up and had a positive day. The prognosis is for consolidation in the indices before the next leg up.
Stock of the Day
The Stock of the Day is TROX. Tronox is engaged in the production and marketing of titanium bearing mineral sands and titanium dioxide pigment.
To YOUR wealth!
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17 November 2016 – Consolidation and catch-up in the indices
It was a positive day for the indices with the Nasdaq catching up with other indices. Like the Nasdaq, the S&P 500 had a positive day and playing catch-up to the Dow Transportation, Dow Industrial and Russell 2000.
WTI Oil futures remained trading between $45-$46 per barrel. Gold and Silver carried on its downward trend with Gold nearing the round numbers of $1200 per barrel.
The US Dollar index is now firmly ensconced above 100 with the uptrend continuing. Bond is still in a sell-off mode.
Dow Transportation probed for its bottom twice within an hour after market open before surging upward. It closed witha small bullish candle above its moving averages. Momentum is upwards. Volumetric buying pressure is at 100%. The index is in a monthly Squeeze.
Dow Industrial probed for the bottom twice within an hour after market open. It then traded upward till the end of the day and closed with a small bullish candle above all its moving averages. Momentum remains upward. Short term volumetric buying pressure is at 99.9%. The index is still in a monthly Squeeze.
Russell 2000 surged upward on market open but met selling pressure. It held and range traded throughout the day and closed with a bullish marubozu candle above all its moving averages. Momentum is upward and in a sharp uptrend. Volumetric buying pressure is at 100%.
Nasdaq 100 surged upward on market open and continued trading upward till the end of the day. It closed with bullish marubozu candle above its 50 SMA and 21 EMA. Momentum is upward. Volumetric buying pressure is at 99.9%. The index is in a monthly Squeeze.
S&P 500 surged upward on market open and continued trading upward till the end of the day. It closed with a bullish candle above its moving averages. Volumetric buying pressure is at 99.8%. The index is in a weekly and monthly Squeeze.
Metals and Commodities
WTI Crude oil futures pulled back from its 50 SMA and closed below its 21 EMA at 45.53. Momentum remains downward.
Gold futures continued its downtrend is trading at 1210.6. Momentum remains downward.
Silver futures continued its downtrend and trading at $16.535 per ounce.
Agriculture (DBA) ETF traded upward and closed with a doji candle at 20.13.
Commodities (DBC) ETF gapped up, sold down and closed with a bearish candle below its moving averages at 14.55.
Bonds
Bond futures (ZB) traded sideways and closed with a small doji candle below its moving averages at 153’13. Momentum remains downward.
High Yield bond ETF (HYG) traded down slightly and closed with an inverted bearish hammer candle below its moving averages at 84.63.
Bonds ETF (TLT) traded downward and closed below its moving averages at 121.20. It remains in a downtrend.
Currencies
The dollar index continued its sharp uptrend and closed with a doji candle above its moving averages at 101.055.
EUR/USD traded sharply downward and is trading at 1.06232.
USD/JPY has been trading sharply upward and closed with a bullish marubozu candle above its moving averages at 110.064.
Relative Strength – Sectors
On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLF, XLI, XLV, XLY and XLE respectively.
On a 3-month lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLF, XLI, XLE, XLV, XLY and XLB respectively.
Market Internals
Vix closed at 13.37. Vix futures is at 15.10. Skew is at 123.06. Market sentiment is bullish. Market breadth has a slight slope upward. Volumetric accumulation/distribution is sloping sharply upward.
The Week Ahead
The leading indices such as the Dow Jones Industrial and Transportation and also the Russell 2000 are consolidating. The Nasdaq 100 and S&P 500 played catch-up and had a positive day. The prognosis is for consolidation in the indices before the next leg up.
Stock of the Day
The Stock of the Day is TROX. Tronox is engaged in the production and marketing of titanium bearing mineral sands and titanium dioxide pigment.
To YOUR wealth!
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