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15 Feb 2019 – Weekly Review – A Big Close


Indices (Weekly chart)
Dow Transportation closed at 10567.69 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 426.06. Intermediate Cycle is negative with rising slope. Short term cycle is positive with rising slope. Market direction:- Buy.     

Dow Industrial closed at 25883.25 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 874.62. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.   

Russell 2000 closed at 1569.2471 with a big bullish marubozu candle above its 8 EMA, 21 EMA, 200 SMA and below its 50 SMA. Weekly trading range was 64.49. Intermediate Cycle is negative and rising. Short term cycle is positive and rising. Market direction:- Buy.      

Nasdaq 100 closed at 7055.1793 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 180.19. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.         

S&P 500 closed at 2775.60 with a big bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 71.87. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.   

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $56.20 per barrel with a bullish candle above its 8 EMA, 200 SMA and below its 21 EMA, 50 SMA. Weekly trading range was 5.03. Intermediate Cycle is negative and rising slope. Short term cycle is negative and rising slope. Market direction:- Buy.

Gold futures (GC) closed at 1325.0 with a bullish candle above its 8 EMA, 21 EMA , 50 SMA and 200 SMA. Weekly trading range was 17.2. Intermediate Cycle is positive and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.  

Bonds (Weekly charts)
Bond futures (/ZB) closed at 146’20 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range was 1.4375. Intermediate Cycle is positive and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.         

High Yield bond ETF (HYG) closed at 85.40 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range was 0.76. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.         

Currencies (Weekly charts)
The dollar index ($DXY) closed at 96.924 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range was 0.75. Intermediate Cycle is positive and falling slope. Short term cycle is positive and rising slope. Market direction:- Sell. It is in a Squeeze.

EUR/USD closed at 1.1294 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range was 0.0107. Intermediate Cycle is negative and rising slope. Short term cycle is negative and falling slope. Market direction:- Buy.       

USD/JPY closed at 110.45 with a bullish candle above its 8 EMA and below its 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.407. Intermediate Cycle is negative and falling slope. Short term cycle is negative and rising slope. Market direction:- Sell.    

6S (Swiss Franc) closed at 1.0030 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range was 0.011. Intermediate Cycle is negative and falling slope. Short term cycle is negative and falling slope. Market direction:- Sell. It is in a weekly and monthly Squeeze.  

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

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

Market Internals
Market Sentiment is bullish. Market Breadth is sloping upwards showing more gainers than losers. Volume Acc/Dis is sloping downwards showing distribution. Skew is at 129.55. Vix is at 14.91 and Vix futures 16.35.

The Week Ahead
Market internals are showing rather bullish signals. Skew is normal. Vix and Vix futures is below 15 and 16 respectively. The indices had a big positive close to the week on news of positive ending to the US-China Trade War. The prognosis is for continuing bullish market.  

To YOUR wealth!

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