5 July 2019 – Weekly Review – Good Umployment figure, market bull to dominate

Indices (Weekly chart)
Dow Transportation closed at 10485.02 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 299.09. Fractal Chaos Band – Within FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward.    

Dow Industrial closed at 26922.12 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 366.04. Fractal Chaos Band – Broke above its 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. It has exited its weekly Squeeze.    

Russell 2000 closed at 1575.6245 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 33.84. Fractal Chaos Band – Within FCB. 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 – Trong Upward. It has exited its weekly Squeeze.       

Nasdaq 100 closed at 7855.00 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 186.615. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward.       

S&P 500 closed at 2990.41 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 54.08. Fractal Chaos Band – broke above its 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.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $57.73 per barrel with a bearish candle above its 8 EMA, 200 SMA and below its 21 EMA, 50 SMA. Weekly trading range was 4.24. Fractal Chaos Band – Within FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short cycle – positive and rising. Market direction:- Down Trend. Momentum – Upward.

Gold futures (GC) closed at 1401.2 with a low closing doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 56.3. 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 – Strong Upward.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 155’05 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 2.594. Fractal Chaos Band – Above its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle – positive and rising. Market direction:- Strong UpTrend. Momentum – Strong Upward.         

High Yield bond ETF (HYG) closed at 86.99 with small bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.59. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short cycle – positive and rising. Market direction:- Strong UpTrend. Momentum – Strong Upward.

Currencies (Weekly charts)
The dollar index ($DXY) closed at 97.174 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 1.313. Fractal Chaos Band – Within FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and falling. Short cycle – negative and falling. Market direction:- UpTrend. Momentum – Strong Downward.

EUR/USD closed at 1.1223 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.0163. Fractal Chaos Band – Within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and falling. Short cycle – positive and falling. Market direction:- DownTrend. Momentum – Upward.   

USD/JPY closed at 108.45 with a small bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 1.103. Fractal Chaos Band – Below its FCB LowerBand. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short cycle – negative and rising. Market direction:- DownTrend. Momentum – Downward.

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

On a 3-monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLY and XLK 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 126.66. Vix is at 13.28 and Vix futures 14.35.

The Week Ahead
Market Sentiment continues to be bullish. Market Internals are showing strength. Vix is below 14 and Vix futures is now below 14. Skew is normal. With the strength in the unemployment figure, the prognosis is for continuing bullishness in the market.

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