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24 May 2019 – Weekly Review – Another down week


Indices (Weekly chart)
Dow Transportation closed at 10137.59 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range was 500.47. Intermediate Cycle is positive with falling slope. Short term cycle is positive with falling slope. Market direction:- Sell.     

Dow Industrial closed at 25585.69 with a spinning top doji candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 570.18. Intermediate Cycle is positive and falling slope. Short term cycle is positive and falling slope. Market direction:- Sell.   

Russell 2000 closed at 1514.1086 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range was 52.50. Intermediate Cycle is negative and falling slope. Short term cycle is positive and falling slope. Market direction:- Sell.      

Nasdaq 100 closed at 7300.9608 with a bearish candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 242.22. Intermediate Cycle is positive and falling slope. Short term cycle is positive and falling slope. Market direction:- Sell.       

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 falling slope. Short term cycle is positive and falling slope. Market direction:- Sell.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $59.02 per barrel with a big bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range was 6.63. Intermediate Cycle is negative and rising slope. Short term cycle is positive and falling slope. Market direction:- Buy.

Gold futures (GC) closed at 1284.3 with a bullish candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 18.1. 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 151’07 with a big bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range was 2.5312. 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 85.65 with a bearish candle below its 8 EMA and on its 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 0.56. Intermediate Cycle is positive and falling slope. Short term cycle is positive and falling slope. Market direction:- Sell.         

Currencies (Weekly charts)
The dollar index ($DXY) closed at 97.608 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 0.825. Intermediate Cycle is positive and falling slope. Short term cycle is positive and falling slope. Market direction:- Buy.

EUR/USD closed at 1.1206 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 0.0104. Intermediate Cycle is negative and rising slope. Short term cycle is negative and rising slope. Market direction:- Buy.       

USD/JPY closed at 109.28 with a bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.4. 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 XLU, XLV, XLP, XLF, XLB and XLE respectively.

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

Market Internals
Market Sentiment is neutral. Market Breadth is sloping downwards showing more losers than gainers. Volume Acc/Dis is sloping downwards showing distribution. Skew is at 114.12. Vix is at 15.85 and Vix futures 16.92.

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 weakness. Market sentiment is neutral. The prognosis is for strong selling pressure in a volatile market.

To YOUR wealth!

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