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Z5 Fri, 24 May 2024

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Z5 Fri, 10 May 2024

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Z5 Tues, 30 April 2024

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Z5 Mon, 29 April 2024

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30 July 2018 – Pullback but slow uptrend is still in place

Indices
Dow Transportation closed at 10933.53 with an inverted hammer candle. Daily trading range was 175.52. Intermediate Cycle is positive and rising slope. Short Term Cycle is positive and rising slope. Market direction – Buy. It is in a weekly Squeeze. Fractal Bias – Bullish.

Dow Industrial closed at 25306.83 with a bearish candle. Daily trading range was 212.78. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction – Buy. It is in a weekly Squeeze. Fractal Bias – Bullish.

Russell 2000 closed at 1653.13 with a bearish inverted hammer candle. Daily trading range was 16.78. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Bearish. Fractal Bias – Bearish.

Nasdaq 100 closed at 7193.1029 with a bearish candle. Daily trading range was 140. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. Fractal Bias – Bearish.

S&P 500 closed at 2802.60 with a bearish candle. Daily trading range was 23.63. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Neutral. Fractal Bias – Bullish.

Metals and Commodities
WTI Crude oil futures (CL) closed at $70.09 per barrel with a bullish candle above its 8 EMA, 50 SMA and 21 EMA. Daily trading range was 1.63. Intermediate Cycle is negative and falling slope. Short Cycle is negative and rising slope. Market direction: Sell. Fractal Bias – Neutral.

Gold futures (GC) closed at 1230.2 with a doji candle on its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 6.3. Intermediate Cycle is negative and rising slope. Short Cycle is negative and rising slope. Market direction: Buy. Fractal Bias – Bearish.

Agriculture (DBA) ETF gapped up and closed at 17.58 with a bullish candle above its 8 EMA and below its 21 EMA and 50 SMA. Daily trading range was 0.29. Intermediate Cycle is negative and rising slope. Short Cycle is negative and rising slope. Market direction: Buy. Fractal Bias – Bullish.

Commodities (DBC) ETF closed at 17.35 with a small candle above its 8 EMA and 21 EMA and below its 50 SMA. Daily trading range was 0.06. Intermediate Cycle is negative and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. Fractal Bias – Neutral.

Bonds
Bond futures (/ZB) closed at 142’19 with a bearish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.625. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. Fractal Bias – Bearish.

High Yield bond ETF (HYG) closed at 85.94 with a doji candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.1567. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. It is in a weekly Squeeze. Fractal Bias – Bullish.

Currency
The dollar index ($DXY) closed at 94.669 with a bearish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.282. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. It is in the Squeeze. Fractal Bias – Neutral.

EUR/USD closed at 1.1656 with a small bullish candle below its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.0011. Intermediate Cycle is negative and flat. Short Cycle is negaive and flat. Market direction: Neutral. It is in a Squeeze. Fractal Bias – Neutral.

USD/JPY closed at 110.96 with a bullish candle below its 8 EMA and 21 EMA and above its 50 SMA. Daily trading range was 0.661. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. Fractal Bias – Bearish.

6S (Swiss Franc) – closed at 1.0158 with a bullish candle above its 8 EMA, 21 EMA and 50 SMA. Daily trading range was 0.0081. Intermediate Cycle is negative and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. It is in a Squeeze. Fractal Bias – Neutral.

Relative Strength – Sectors</b On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLF, XLV XLI, XLP and XLE .

On a 3-monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLV, XLP, XLY and XLK respectively.

Market Internals
Market sentiment is bullish. Market breadth is sloping downwards showing more losers to gainers. Accumulation/ Distribution is sloping upwards showing nett accumulation. Skew is at 141.57. Vix is at 13.86 and Vix futures is at 14.65.

The Week Ahead
The indices are pulling back and starting to turn bearish. Market Internals are giving out mixed signals. Skew remains high near to 142. Vix is above 13 and Vix futures remains above 14 indicating that the market is pricing in near future volatility. The prognosis is for slow pullback. There is a potential for a bigger pullback further down the road.

ES – Intermediate Cycle – Positive/Falling. Current – Positive/Falling. Market direction – Neutral. Fractal Bias – Bullish.
NQ – Intermediate Cycle – Positive/Falling. Current – Negative/Falling. Market direction – Sell. Fractal Bias – Bearish
YM – Intermediate Cycle – Positive/Rising. Current – Positive/Falling. Market direction – Buy. Weekly Squeeze. Fractal Bias – Bullish.
RTY – Intermediate Cycle – Positive/Falling. Current – Negative/Falling. Market direction – Sell. Fractal Bias – Bearish.
GC – Intermediate Cycle – Negative/Rising. Current – Negative/Rising. Market direction – Neutral. Fractal Bias – Bearish.
CL – Intermediate Cycle – Negative/Rising. Current – Positive/Rising. Market direction – Buy. Fractal Bias – Neutral.

To YOUR wealth!

Would you like to learn to trade stocks, Options or Futures? Drop us an email at jefftohch@gmail.com or call +6010 4343 948. If you have been an unsuccessful trader and need personal tutorship, we can provide you with personal coaching to take you to be a profitable trader.


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