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Z5 Fri, 24 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 January 2019 – Bulls on the rush

Indices
Dow Transportation closed at 10078.70 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 201.8. Intermediate Cycle is positive and rising slope. Short Term Cycle is positive and rising slope. Market direction – Buy. 

Dow Industrial closed at 25014.86 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 529.66. Intermediate Cycle is positive and rising slope. Short Term Cycle is positive and rising slope. Market direction – Buy. 

Russell 2000 closed at 1486.9418 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 22.94. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Buy. 

Nasdaq 100 closed at 6807.91 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 194.131. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.

S&P 500 closed at 2681.05. with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 50.44. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.    

Metals and Commodities
WTI Crude oil futures (CL) closed at $54.22 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 1.84. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Buy.    

Gold futures (GC) closed at 1325 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 15.1. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.

Commodities (DBC) ETF closed at 15.60 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 0.1764. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.   

Bonds
Bond futures (/ZB) closed at 146’00 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range was 0.8437. Intermediate Cycle is positive and falling slope. Short Cycle is positive and rising slope. Market direction: Buy.  

High Yield bond ETF (HYG) closed at 84.90 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 0.8. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. 

Currency
The dollar index ($DXY) closed at 95.404 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 0.731. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.      

EUR/USD closed at 1.1478 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 0.0095. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. It is in a weekly Squeeze.

USD/JPY closed at 109.03 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.934. Intermediate Cycle is negative and rising slope. Short Cycle is negative and falling slope. Market direction: Buy. 

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

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

Market Internals
Market Sentiment is bullish. Market Breadth is sloping upwards showing more gainers to losers. Volume Acc/Dis is sloping upwards and showing accumulation. Skew is at 123.28. Vix is at 17.66 and Vix Futures is at 17.87.   

The Week Ahead
The indices continues to trend upwards together with Oil, Gold and Bonds. The dollar index is trending downwards. It is quite unusual for all three securities to trend in the same direction and quite likely, one of them will reverse direction from the others.

Market Sentiment continues to be bullish. Market Internals are both strong. Vix and Vix futures are trending downwards and below 18. The prognosis is for a bullish market. Caution is needed as the outcome of the trade talks between China and US is not settled .

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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