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21 June 2019 – Weekly Review – Bulls on the run


Indices (Weekly chart)
Dow Transportation closed at 10352.49 with a small spinning top doji candle above its 8 EMA, 200 SMA and below its 21 EMA, 50 SMA. Weekly trading range – 301.31. Fractal Chaos Band – Within. Long Cycle – negative and falling. Medium Cycle – negative and falling. Short cycle – negative and rising. Market direction – Weak DownTrend. Momentum – Weak downward.      

Dow Industrial closed at 26719.13 with a bullish marubozu candle within a doji sandwich candle pattern above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 857.57. Fractal Chaos Band – Above. Long Cycle – positive and rising. Medium Cycle – positive and rising. Short cycle – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward.    

Russell 2000 closed at 1549.6279 with a bullish marubozu candle below its 50 SMA and above its 8 EMA, 21 EMA, 200 SMA. Weekly trading range was 48.24. It is within its Fractal Chaos Band. Long Cycle is negative and rising slope. Medium Cycle is negative and falling slope. Short cycle is negative and rising slope. Market direction:- Weak UpTrend. Momentum – Weak Upward.       

Nasdaq 100 closed at 7728.7816 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range – 293.42. Fractal Chaos Band – Within. Long Cycle – positive and rising. Medium Cycle – positive and rising. Short cycle – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward.       

S&P 500 closed at 2950.46 with a bullish marubozu candle in a bullish doji sandwich candle pattern above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 77.17. Fractal Chaos Band – within . Long Cycle – positive and rising. Medium Cycle – positive and rising. Short cycle – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $57.60 per barrel with a big bullish marubozu candle above its 8 EMA, 200 SMA and below its 21 EMA, 50 SMA. Weekly trading range was 6.4. Fractal Chaos Band – Within . Long Cycle – negative and falling. Medium Cycle – positive and rising. Short cycle – negative and rising. Market direction:- Weak DownTrend. Momentum – Strong Downward.

Gold futures (GC) closed at 1403.0 with a huge bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 78.8. Fractal Chaos Band – broken above. Long Cycle – positive and rising. Medium Cycle – positive and rising. Short cycle – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 154’24 with a low closing spinning top doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 2.5312. Fractal Chaos Band – above. Long Cycle – positive and rising. Medium Cycle – positive and rising. Short cycle – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward.         

High Yield bond ETF (HYG) closed at 87.33 with big bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 1.53. Long Cycle – positive and rising. Medium Cycle – positive and rising. Short cycle – positive and rising. Fractal Chaos Band – Within. Market direction – Strong UpTrend. Momentum – Strong Upward.         

Currencies (Weekly charts)
The dollar index ($DXY) closed at 96.093 with a huge bearish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range – 1.673. Long Cycle – positive and falling. Medium Cycle – negative and falling. Short cycle is negative and falling. Market direction – Strong DownTrend. Momentum – Strong downward.

EUR/USD closed at 1.1368 with a big bullish candle above its 8 EMA, 21 EMA, 200 SMA and below its 50 SMA. Weekly trading range – 0.0196. Long Cycle – negative and rising. Medium Cycle – negative and rising. Short cycle – positive and falling. Market direction:- Weak UpTrend. Momentum – Strong Upward. It is in a weekly Squeeze.       

USD/JPY closed at 107.32 with a big bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 1.68. Long Cycle – negative and falling. Medium Cycle – negative and falling. Short cycle – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward.     

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

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

Market Internals
Market Sentiment is bullish. Market Breadth is sloping upwards showing more gainers than losers. Volume Acc/Dis is sloping upwards showing accumulation. Skew is at 118.46. Vix is at 15.40 and Vix futures 16.55.

The Week Ahead
Market Sentiment has been bullish and is projecting further gains in the indices although some resistance can be expected. Market internals are showing strength. Market Breadth shows more gainers to losers. Market Volume continues to show accumulation. Skew is normal. Vix has increased to below 16 and Vix futures is now below 17. The prognosis is for continued strength in the market.

To YOUR wealth!

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