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17 May 2019 – A Down Week, Trade War is On!


Indices (Weekly chart)
Dow Transportation closed at 10491.85 with a spinning top doji candle below its 8 EMA, 50 SMA and on its 21 EMA and above its 200 SMA. Weekly trading range was 427.84. Intermediate Cycle is positive with rising slope. Short term cycle is positive with falling slope. Market direction:- Buy.     

Dow Industrial closed at 25764.00 with a spinning top doji candle below its 8 EMA, on its 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 735.12. Intermediate Cycle is positive and falling slope. Short term cycle is positive and falling slope. Market direction:- Sell.   

Russell 2000 closed at 1535.7632 with a bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range was 52.72. Intermediate Cycle is negative and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.      

Nasdaq 100 closed at 7503.6796 with a bullish candle below its 8 EMA and above its 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 323.38. Intermediate Cycle is positive and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.         

S&P 500 closed at 2859.53 with a spinning top doji candle below its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Weekly trading range was 90.72. Intermediate Cycle is positive and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $62.87 per barrel with a spinning top doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 3.18. Intermediate Cycle is negative and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.

Gold futures (GC) closed at 1277.4 with a low closing spinning top doji candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 29.6. Intermediate Cycle is positive and falling slope. Short term cycle is negative and falling slope. Market direction:- Sell.   

Bonds (Weekly charts)
Bond futures (/ZB) closed at 149’21 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range was 1.81. 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 85.94 with a spinning top doji candle below its 8 EMA and above its 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 0.81. Intermediate Cycle is positive and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.         

Currencies (Weekly charts)
The dollar index ($DXY) closed at 98.013 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.006. Intermediate Cycle is positive and rising slope. Short term cycle is positive and rising slope. Market direction:- Buy. It is in a Squeeze.

EUR/USD closed at 1.1158 with a bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 0.0108. Intermediate Cycle is negative and falling slope. Short term cycle is negative and falling slope. Market direction:- Sell.       

USD/JPY closed at 110.04 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.171. Intermediate Cycle is negative and falling slope. Short term cycle is negative and falling slope. Market direction:- Sell.    

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

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

Market Internals
Market Sentiment is bearish. Market Breadth is sloping downwards showing more losers than gainers. Volume Acc/Dis is sloping upwards showing accumulation. Skew is at 118.69. Vix is at 15.96 and Vix futures 16.02.

The Week Ahead
The week closed with bearish candles in the indices. SKEW is normal. Vix is below 16 and Vix futures is below 17. Market internals are showing mixed signals. Market sentiment is bearish. The prognosis is for strong selling pressure in a volatile market.

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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