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Z5 Tues, 30 April 2024

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Z5 Mon, 29 April 2024

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20 November 2018 – Another down day, Correction territory

Indices
Dow Transportation gapped down and closed at 10212.94 with a bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 357.84. Intermediate Cycle is negative and rising slope. Short Term Cycle is negative and falling slope. Market direction – Sell. Fractal Bias – Bullish.

Dow Industrial gapped down and closed at 24465.64 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 648.46. Intermediate Cycle is negative and falling slope. Short Term Cycle is negative and falling slope. Market direction – Sell. Fractal Bias – Bearish.

Russell 2000 closed at 1469.0091 with a bearish marubozu candle pattern below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 31.292. Intermediate Cycle is negative and falling. Short Cycle is negative and falling. Market direction: Sell. Fractal Bias – Bearish.

Nasdaq 100 gapped down and closed at 6526.963 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 200.556. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. Fractal Bias – Bearish.

S&P 500 gapped down and closed at 2641.89 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 59.21. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. Fractal Bias – Bullish.

Metals and Commodities
WTI Crude oil futures (CL) closed at $53.39 per barrel with a big bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 4.67. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. Fractal Bias – Bearish.

Gold futures (GC) closed at 1222 with a low closing spinning top doji candle above its 8 EMA, 21 EMA and 50 SMA and below its 200 SMA. Daily trading range was 9.2. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. Fractal Bias – Bullish. It is in a weekly Squeeze.

Agriculture (DBA) ETF closed at 17.25 with a small bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.11. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. Fractal Bias – Bearish. It is in a weekly Squeeze.

Commodities (DBC) ETF closed at 15.63 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.55. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. Fractal Bias – Bearish.

Bonds
Bond futures (/ZB) closed at 139’26 with an ‘inverted hammer’ candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 0.6875. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. Fractal Bias – Bullish.

High Yield bond ETF (HYG) gapped down and closed at 82.75 with an inverted hammer candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.31. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. Fractal Bias- Bearish.

Currency
The dollar index ($DXY) closed at 96.819 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.849. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Bullish. Fractal Bias – Bearish. It is in a daily and Weekly Squeeze.

EUR/USD closed at 1.1369 with a bearish candle on its 8 EMA and below its 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.0113. Intermediate Cycle is negative and rising. Short Cycle is negative and rising. Market direction: Buy. Fractal Bias – Bullish.

USD/JPY closed at 112.74 with a bullish candle below its 8 EMA, 21 EMA and on its 50 SMA and above its 200 SMA. Daily trading range was 0.535. 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 1.0076 with a bearish candle above its 8 EMA, 21 EMA and below its 50 SMA and 200 SMA. Daily trading range was 0.0049. Intermediate Cycle is negative and rising. Short Cycle is positive and rising. Market direction: Buy. Fractal Bias – Bullish. It is in a Squeeze.

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

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

Market Internals
Market Sentiment is slightly bearish. Market Breadth is sloping downards showing more losers to gainers. Volume Accumulation/Distribution is sloping downwards which means the market is in distribution mode. Vix is at 22.48. Vix futures is at 20.55. Skew is at 119.55.

The Week Ahead
Market internals are giving bearish signals. Vix has risen above 22. Vix futures are now above 20. Skew is normal. The market is now driven by trade disputes. The prognosis is for continuing volatility in the indices.

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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