28 June 2019 – Weekly Review – Pre G20, Indices move upwards

Indices (Weekly chart)
Dow Transportation closed at 10461.98 with a bullish hammer candle above its 8 EMA, 21 EMA, 200 SMA and below its 50 SMA. Weekly trading range – 388.97. Fractal Chaos Band – Within FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Weak Upward.    

Dow Industrial closed at 26599.96 with a small candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 341.2. Fractal Chaos Band – Within FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward.    

Russell 2000 closed at 1566.5719 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 50.827. Fractal Chaos Band – Within. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle Wave – positive and rising slope. Market direction – Strong UpTrend. Momentum – Upward Strong.       

Nasdaq 100 closed at 7671.0749 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 162.52. Fractal Chaos Band – Within FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle – positive and rising. Market direction – Strong UpTrend. Momentum – Upward Strong.       

S&P 500 closed at 2941.76 with a small hammer candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 41.93. Fractal Chaos Band – within FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Upward Strong.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $58.20 per barrel with a small spinning top doji candle above its 8 EMA, 200 SMA and below its 21 EMA, 50 SMA. Weekly trading range was 3.18. Fractal Chaos Band – Within FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short cycle – negative and rising. Market direction:- Strong UpTrend. Momentum – Downward Strong.

Gold futures (GC) closed at 1412.5 with a low closing candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 41.5. Fractal Chaos Band – Above FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle – positive and rising. Market direction:- Strong UpTrend. Momentum – Upward Strong.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 155’17 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.5312. Fractal Chaos Band – Above FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle – positive and rising. Market direction:- Strong UpTrend. Momentum – Upward Strong.         

High Yield bond ETF (HYG) closed at 87.18 with small bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.495. Fractal Chaos Band – Above FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle – positive and rising. Market direction:- Strong UpTrend. Momentum – Upward Strong.  

Currencies (Weekly charts)
The dollar index ($DXY) closed at 96.13 with a small doji candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range – 0.5459. Fractal Chaos Band – Within FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and falling. Short cycle – negative and falling. Market direction:- Strong DownTrend. Momentum – Downward Strong.

EUR/USD closed at 1.1373 with a doji candle above its 8 EMA, 21 EMA, 200 SMA and below its 50 SMA. Weekly trading range – 0.0067. Fractal Chaos Band – Within FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – positive and rising. Short cycle – positive and rising. Market direction:- Strong UpTrend. Momentum – Upward Strong.   

USD/JPY closed at 107.951 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 1.381. Fractal Chaos Band – Below FCB LowerBand. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short cycle – negative and falling. Market direction:- Strong DownTrend. Momentum – Downward Strong.

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

On a 3-monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLB, XLK, XLV, XLY, XLE and XLI 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 118.12. Vix is at 15.08 and Vix futures 15.70.

The Week Ahead
Market Sentiment continues to be bullish. Market Internals are showing strength. Vix is below 16 and Vix futures is now below 16. Skew is normal. There is a high interest in the outcome from the G20 meeting. Monday market will be news driven. The prognosis is for volatility for the earlier part of the week as the market will be news driven.

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