8 March 2019 – Weekly Review – A strong pullback on Friday
Indices (Weekly chart) Dow Transportation closed at 10116.86 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range was 569.47. Intermediate Cycle is negative with rising slope. Short term cycle is positive with rising slope. Market direction:- Buy.
Dow Industrial closed at 25450.24 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 903.52. Intermediate Cycle is positive and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.
Russell 2000 closed at 1521.8843 with a big bearish candle below its 8 EMA, 50 SMA, on its 21 EMA and above its 200 SMA. Weekly trading range was 83.6. Intermediate Cycle is negative and rising. Short term cycle is positive and rising. Market direction:- Buy.
Nasdaq 100 closed at 7015.69 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 265.22. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.
S&P 500 closed at 2743.07 with a big bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 94.61. 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 $56.04 per barrel with a spinning top doji candle above its 8 EMA, 200 SMA and below its 21 EMA, 50 SMA. Weekly trading range was 2.67. Intermediate Cycle is negative and rising slope. Short term cycle is negative and rising slope. Market direction:- Buy.
Gold futures (GC) closed at 1298.6 with a bullish candle below its 8 EMA and above its 21 EMA , 50 SMA and 200 SMA. Weekly trading range was 20.5. Intermediate Cycle is positive and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.
Bonds (Weekly charts) Bond futures (/ZB) closed at 145’29 with a big bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range was 2.687. Intermediate Cycle is positive and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.
High Yield bond ETF (HYG) closed at 85.10 with a bearish candle below its 200 SMA and above its 8 EMA, 21 EMA, 50 SMA. Weekly trading range was 0.94. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.
Currencies (Weekly charts) The dollar index ($DXY) closed at 97.359 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.38. Intermediate Cycle is positive and falling slope. Short term cycle is positive and rising slope. Market direction:- Buy. It is in a Squeeze.
EUR/USD closed at 1.1232 with a big bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 0.0205. Intermediate Cycle is negative and rising slope. Short term cycle is negative and falling slope. Market direction:- Sell.
USD/JPY closed at 111.14 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range was 1.35. Intermediate Cycle is negative and rising slope. Short term cycle is negative and rising slope. Market direction:- Buy.
6S (Swiss Franc) closed at 0.9928 with a big bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range was 0.0141. Intermediate Cycle is negative and falling slope. Short term cycle is negative and falling slope. Market direction:- Sell. It is in a daily and weekly Squeeze.
Relative Strength – Sectors On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLU, XLB, XLK, XLE, XLI and XLF respectively.
On a 3-monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLI, XLK, XLE, XLY and XLF respectively.
Market Internals Market Sentiment is bearish. Market Breadth is sloping downwards showing more losers than gainers. Volume Acc/Dis is sloping downward showing distribution. Skew is at 125.73. Vix is at 16.05 and Vix futures 16.75.
The Week Ahead Market internals continue to show weakness. Skew is normal. Vix and Vix futures is below 17. The indices had a bearish week even though it closed positive on Friday. The prognosis is for continuing bearish market as the signs of economic slowdown appears across the world.
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.
8 March 2019 – Weekly Review – A strong pullback on Friday
Indices (Weekly chart)
Dow Transportation closed at 10116.86 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range was 569.47. Intermediate Cycle is negative with rising slope. Short term cycle is positive with rising slope. Market direction:- Buy.
Dow Industrial closed at 25450.24 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 903.52. Intermediate Cycle is positive and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.
Russell 2000 closed at 1521.8843 with a big bearish candle below its 8 EMA, 50 SMA, on its 21 EMA and above its 200 SMA. Weekly trading range was 83.6. Intermediate Cycle is negative and rising. Short term cycle is positive and rising. Market direction:- Buy.
Nasdaq 100 closed at 7015.69 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 265.22. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.
S&P 500 closed at 2743.07 with a big bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 94.61. 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 $56.04 per barrel with a spinning top doji candle above its 8 EMA, 200 SMA and below its 21 EMA, 50 SMA. Weekly trading range was 2.67. Intermediate Cycle is negative and rising slope. Short term cycle is negative and rising slope. Market direction:- Buy.
Gold futures (GC) closed at 1298.6 with a bullish candle below its 8 EMA and above its 21 EMA , 50 SMA and 200 SMA. Weekly trading range was 20.5. Intermediate Cycle is positive and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.
Bonds (Weekly charts)
Bond futures (/ZB) closed at 145’29 with a big bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range was 2.687. Intermediate Cycle is positive and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.
High Yield bond ETF (HYG) closed at 85.10 with a bearish candle below its 200 SMA and above its 8 EMA, 21 EMA, 50 SMA. Weekly trading range was 0.94. Intermediate Cycle is negative and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy.
Currencies (Weekly charts)
The dollar index ($DXY) closed at 97.359 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.38. Intermediate Cycle is positive and falling slope. Short term cycle is positive and rising slope. Market direction:- Buy. It is in a Squeeze.
EUR/USD closed at 1.1232 with a big bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 0.0205. Intermediate Cycle is negative and rising slope. Short term cycle is negative and falling slope. Market direction:- Sell.
USD/JPY closed at 111.14 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range was 1.35. Intermediate Cycle is negative and rising slope. Short term cycle is negative and rising slope. Market direction:- Buy.
6S (Swiss Franc) closed at 0.9928 with a big bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range was 0.0141. Intermediate Cycle is negative and falling slope. Short term cycle is negative and falling slope. Market direction:- Sell. It is in a daily and weekly Squeeze.
Relative Strength – Sectors
On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLU, XLB, XLK, XLE, XLI and XLF respectively.
On a 3-monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLI, XLK, XLE, XLY and XLF respectively.
Market Internals
Market Sentiment is bearish. Market Breadth is sloping downwards showing more losers than gainers. Volume Acc/Dis is sloping downward showing distribution. Skew is at 125.73. Vix is at 16.05 and Vix futures 16.75.
The Week Ahead
Market internals continue to show weakness. Skew is normal. Vix and Vix futures is below 17. The indices had a bearish week even though it closed positive on Friday. The prognosis is for continuing bearish market as the signs of economic slowdown appears across the world.
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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