7 November 2019 – Phase 1 of Trade Deal, Market rockets upwards!
Indices Dow Transportation closed at 11091.37 with a gravestone doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range is 196.5. 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 – 66.6.
Dow Industrial closed at 27674.80 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 282.11. Fractal Chaos Band – above 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 – 69.
Russell 2000 closed at 1593.9901 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 17.87. Fractal Chaos Band – closed within its FCB upperband. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 64.8.
Nasdaq 100 closed at 8219.6464 with a small candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 52.8162. 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 – 67.6.
S&P 500(SPX) gapped up and closed at 3085.18 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 20.99. 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 – 68.8.
Metals and Commodities WTI Crude oil futures (CL) closed at $57.07 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 1.61. Fractal Chaos Band – crossed above its FCB Upperband. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Weak. RSI – 57.3.
Gold (/GC) closed at 1469.4 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 32.2. Fractal Chaos Band – broke below its FCB lowerband. Long Cycle Wave – negative and falling slope. Medium Cycle Wave – negative and falling slope. Short Cycle Wave – negative and falling slope. Market direction – Strong DownTend. Momentum – Strong Downward. RSI – 38.8.
Commodities (DBC) ETF closed at 15.57 with a bearish candle on its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Daily trading range – 0.11. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Neutral. RSI – 57.2.
Bonds Bond futures (/ZB) closed at 156’23 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 3.1875. Fractal Chaos Band – closed below its FCB lowerband. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 36.
High Yield bond ETF (HYG) closed at 86.77 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 0.2299. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Weak Downward. RSI – 44.1.
Currency The dollar index ($DXY) closed at 98.129 with a bullish candle above its 8 EMA, 21 EMA, 200 SMA and below its 50 SMA. Daily trading range – 0.413. Fractal Chaos Band – closed above its FCB upperband. 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 – 53.5.
EUR/USD closed at 1.1049 with a bearish candle below its 8 EMA, 21 EMA, 200 SMA and above its 50 SMA. Daily trading range – 0.0055. Fractal Chaos Band – closed below its FCB lowerband. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 45.4.
USD/JPY closed at 109.27 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.844. Fractal Chaos Band – closed 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 – 61.4.
Relative Strength – Sectors On a 3-monthly lookback, the relative strength order of the S&P ETF 500 sectors are XLB, XLF, SPX, XLK, XLI, SPY, /ES, XLV, XLE, XLY, XLP and XLU.
On a 12-monthly lookback, the relative strength order of the S&P 500 ETFs are XLB, XLK, SPX, SPY, XLF, /ES, XLI, XLP, XLV, XLY, XLU and XLE.
Market Internals Market Sentiment – Rather Bullish. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping upwards and showing accumulation. Skew – 124.68. Vix – 12.73 and Vix Futures – 14.90.
The Week Ahead The market was trading without much direction until news from the China Ministry of Commerce stated that Phase 1 of the trade deal between USA and China was going to include a phased rollback of the the existing tariffs. Market went wild and the indices went up and bond pulled back sharply. Market internals are showing a weakening. Skew is normal. Vix is below 13 and Vix Futures is below 15. The prognosis is still for a bullish bias in the market but caution is needed.
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.
7 November 2019 – Phase 1 of Trade Deal, Market rockets upwards!
Indices
Dow Transportation closed at 11091.37 with a gravestone doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range is 196.5. 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 – 66.6.
Dow Industrial closed at 27674.80 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 282.11. Fractal Chaos Band – above 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 – 69.
Russell 2000 closed at 1593.9901 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 17.87. Fractal Chaos Band – closed within its FCB upperband. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 64.8.
Nasdaq 100 closed at 8219.6464 with a small candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 52.8162. 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 – 67.6.
S&P 500 (SPX) gapped up and closed at 3085.18 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 20.99. 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 – 68.8.
Metals and Commodities
WTI Crude oil futures (CL) closed at $57.07 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 1.61. Fractal Chaos Band – crossed above its FCB Upperband. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Weak. RSI – 57.3.
Gold (/GC) closed at 1469.4 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 32.2. Fractal Chaos Band – broke below its FCB lowerband. Long Cycle Wave – negative and falling slope. Medium Cycle Wave – negative and falling slope. Short Cycle Wave – negative and falling slope. Market direction – Strong DownTend. Momentum – Strong Downward. RSI – 38.8.
Commodities (DBC) ETF closed at 15.57 with a bearish candle on its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Daily trading range – 0.11. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Neutral. RSI – 57.2.
Bonds
Bond futures (/ZB) closed at 156’23 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 3.1875. Fractal Chaos Band – closed below its FCB lowerband. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 36.
High Yield bond ETF (HYG) closed at 86.77 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 0.2299. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Weak Downward. RSI – 44.1.
Currency
The dollar index ($DXY) closed at 98.129 with a bullish candle above its 8 EMA, 21 EMA, 200 SMA and below its 50 SMA. Daily trading range – 0.413. Fractal Chaos Band – closed above its FCB upperband. 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 – 53.5.
EUR/USD closed at 1.1049 with a bearish candle below its 8 EMA, 21 EMA, 200 SMA and above its 50 SMA. Daily trading range – 0.0055. Fractal Chaos Band – closed below its FCB lowerband. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 45.4.
USD/JPY closed at 109.27 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.844. Fractal Chaos Band – closed 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 – 61.4.
Relative Strength – Sectors On a 3-monthly lookback, the relative strength order of the S&P ETF 500 sectors are XLB, XLF, SPX, XLK, XLI, SPY, /ES, XLV, XLE, XLY, XLP and XLU.
On a 12-monthly lookback, the relative strength order of the S&P 500 ETFs are XLB, XLK, SPX, SPY, XLF, /ES, XLI, XLP, XLV, XLY, XLU and XLE.
Market Internals
Market Sentiment – Rather Bullish. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping upwards and showing accumulation. Skew – 124.68. Vix – 12.73 and Vix Futures – 14.90.
The Week Ahead
The market was trading without much direction until news from the China Ministry of Commerce stated that Phase 1 of the trade deal between USA and China was going to include a phased rollback of the the existing tariffs. Market went wild and the indices went up and bond pulled back sharply. Market internals are showing a weakening. Skew is normal. Vix is below 13 and Vix Futures is below 15. The prognosis is still for a bullish bias in the market but caution is needed.
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.
Share this:
Related