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29 August 2019 – Indices rally on Trade hope

Indices
Dow Transportation gapped up and closed at 10105.40 with a bullish marubozu candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Daily trading range is 244.49. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and rising. Market direction – Weak UpTrend. Momentum – Weak Upward. RSI – 49.6.

Dow Industrial gapped up and closed at 26362.25 with a bullish candle above its 8 EMA, 21 EMA, 200 SMA and below its 50 SMA. Daily trading range – 372.74. Fractal Chaos Band – Within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and rising. Market direction – Weak DownTrend. Momentum – Weak Downward. RSI – 47.3.

Russell 2000 gapped up and closed at 1496.7201 with a bullish marubozu candle above its 8 EMA and below its 21 EMA, 50 SMA and 200 SMA. Daily trading range – 26.06. Fractal Chaos Band – within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and rising. Short Cycle – negative and falling. Market direction – Weak DownTrend. Momentum – Weak Downward. RSI – 48.2.

Nasdaq 100 gapped up and closed at 7702.312 with a small bullish candle below its 50 SMA and above its 8 EMA, 21 EMA, 200 SMA. Daily trading range – 136.046. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 51.6.

S&P 500 (SPX) gapped up and closed at 2924.58 with a bullish marubozu candle above its 8 EMA, 21 EMA, 200 SMA and below its 50 SMA. Daily trading range – 42.56. Fractal Chaos Band – within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – positive and rising. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 51.6.

Metals and Commodities
WTI Crude oil futures (CL) closed at $56.61 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 1.46. Fractal Chaos Band – within its 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. RSI – 54.6.

Gold (/GC) closed at 1536.7 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 31.2. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Weak UpTrend. Momentum – Weak Downward. RSI – 61.2.

Commodities (DBC) ETF closed at 15.07 with a spinning top doji candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Daily trading range – 0.1. Fractal Chaos Band – within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – positive and rising. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 49.6.

Bonds
Bond futures (/ZB) closed at 165’16 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 1.7187. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Weak Downward. RSI – 61.6.

High Yield bond ETF (HYG) gapped up and closed at 87.24 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.26. Fractal Chaos Band – above the 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. RSI – 59.4.

Currency
The dollar index ($DXY) closed at 98.447 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.393. Fractal Chaos Band – on its FCB Upperband. 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. RSI – 59.1.


EUR/USD closed at 1.1055 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.0051. Fractal Chaos Band – within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 36.6.

USD/JPY closed at 106.49 with a bullish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Daily trading range – 0.853. Fractal Chaos Band – within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – positive and rising. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 48.7.

Relative Strength – Sectors On a 3-monthly lookback, the relative strength order of the S&P 500 ETFs are XLU, XLP, /ES, XLY, XLK, SPY, SPX, XLI, XLV, XLB, XLF and XLE.

On a 12-monthly lookback, the relative strength order of the S&P 500 ETFs are XLU, XLP, XLK, XLY, /ES, SPY, SPX, XLI, XLB, XLF, XLV and XLE.  

Market Internals
Market Sentiment – Bullish. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upwards and showing accumulation. Skew – 115.02. Vix – 17.88 and Vix Futures – 18.45.   

The Week Ahead 
Market Sentiment is bullish. Skew is normal. Vix is below 18. Vix Futures is below 19. Market volume has turned upwards. Market Breadth has turned upwards as well. High Yield junk bonds continues its uptrend which is positive for the equity market. Market Internals are showing bullish signals. Bonds have move downwards. The prognosis is for a bullish bias but caution is still required as the bond market continues to be strong.

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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