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Z5 Tues, 30 April 2024

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23 October 2019 – Is the market in the slow process of turning?

Indices
Dow Transportation closed at 10726.59 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range is 87.33. Fractal Chaos Band – closed 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. RSI – 64.7.

Dow Industrial closed at 26833.95 with a small doji candle on its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Daily trading range – 151.89. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – negative and falling. Market direction – Weak UpTrend. Momentum – Strong Downward. RSI – 52.8.

Russell 2000 closed at 1552.8551 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 8.79. Fractal Chaos Band – 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. RSI – 59.8.

Nasdaq 100 closed at 7889.4726 with a small bullish candle on its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Daily trading range – 45.12. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Weak UpTrend. Momentum – Neutral. RSI – 54.8.

S&P 500 (SPX) closed at 3004.52 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 13.57. Fractal Chaos Band – Within 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. RSI – 57.4.

Metals and Commodities
WTI Crude oil futures (CL) closed at $55.88 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 2.45. Fractal Chaos Band – above its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 54.5.

Gold (/GC) closed at 1495.1 with a small bullish candle on its 8 EMA and below its 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 8.8. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and rising. Market direction – Weak DownTrend. Momentum – Neutral. RSI – 47.9.

Commodities (DBC) ETF closed at 15.44 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 0.23. Fractal Chaos Band – crossed 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. RSI – 62.

Bonds
Bond futures (/ZB) closed at 160’02 with a small doji candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 0.75. Fractal Chaos Band – within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Neutral. RSI – 42.9.

High Yield bond ETF (HYG) closed at 87.22 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.14. Fractal Chaos Band – 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. RSI – 58.6.

Currency
The dollar index ($DXY) closed at 97.464 with a small low closing doji candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 0.23. 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 – 36.7.


EUR/USD closed at 1.1129 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 0.0034. Fractal Chaos Band – within 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. RSI – 63.1.

USD/JPY closed at 108.68 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 0.46. 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 – 59.

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

On a 12-monthly lookback, the relative strength order of the S&P 500 ETFs are XLU, XLF, /ES, SPX, SPY, XLP, XLK, XLI, XLY, XLV, XLB 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 – 127.92. Vix – 14.01 and Vix Futures – 16.15.   

The Week Ahead 
Market internals continue to show strength. Market sentiment is bullish. Skew is normal. Vix is below 15 and Vix futures is below 17. Volatility continues in the earnings season. Tesla produced surprising good results. With the latest 8 EMA projection, the new candles are now below it indicating a loss of momentum. The prognosis is for a continuing bullishness in the indices.

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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