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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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22 April 2019 – Is the market topping?

Indices
Dow Transportation closed at 10977.06 with a small doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 94.46. Intermediate Cycle is positive and rising slope. Short Term Cycle is positive and rising slope. Market direction – Buy.

Dow Industrial closed at 26511.05 with a small doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 100.93. Intermediate Cycle is positive and rising slope. Short Term Cycle is positive and rising slope. Market direction – Buy. 

Russell 2000 closed at 1560.0446 with a bearish candle below its 8 EMA, 21 EMA, 200 SMA and above its 50 SMA. Daily trading range was 11.285. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Sell. 

Nasdaq 100 closed at 7713.495 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 61.44. Intermediate Cycle is positive and rising slope. Short Cycle is positive and falling slope. Market direction: Buy.

S&P 500 (SPX) closed at 2907.97 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 13.16. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Buy.    

Metals and Commodities
WTI Crude oil futures (CL) closed at $63.68 per barrel with a big bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 1.94. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.  

Gold futures (GC) closed at 1276.8 with a low closing doji candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 6.2. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.

Commodities (DBC) ETF closed at 16.29 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range was 0.155. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Sell.   

Bonds
Bond futures (/ZB) closed at 146’08 with a bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 0.687. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.

High Yield bond ETF (HYG) closed at 86.53 with a small bearish marubozu candle below its 8 EMA and above its 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.16. Intermediate Cycle is positive and falling slope. Short Cycle is positive and falling slope. Market direction: Sell. 

Currency
The dollar index ($DXY) closed at 97.284 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.172. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.    

EUR/USD closed at 1.1251 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.0026. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. It is in a daily and weekly Squeeze.

USD/JPY closed at 111.92 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.168. Intermediate Cycle is positive and falling slope. Short Cycle is positive 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 XLF, XLK, XLI, XLY, XLB and XLE.

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

Market Internals
Market Sentiment is bullish. Market Breadth is sloping downwards showing more losers to gainers. Volume Acc/Dis is sloping downwards and showing distribution. Skew is at 124.24. Vix is at 12.42 and Vix Futures is at 14.27.   

The Week Ahead 
Market Internals are weakening. Skew is normal. Vix is below 13 and Vix futures is below 15. The market is experiencing an increase in volatility. Market Sentiment remains bullish. The prognosis is for the uptrend to turn around. Volatility has increased.

To YOUR wealth!
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