15 November 2019 – Weekly Review – Indices closed at All-Time highs
Indices (Weekly chart) Dow Transportation ($DJT) closed at 10876.29 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 259.72. Fractal Chaos Band – broke above its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 56.1. The index is in a weekly and monthly Squeeze.
Dow Industrial ($DJI) closed at 28004.89 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 487.22. Fractal Chaos Band – closed above its FCB. Long Cycle Wave – positive and rising. Medium CycleWave – positive and rising. Short cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. It is in a weekly and monthly Squeeze. RSI – 65.4.
Russell 2000 closed at 1596.4545 with a small doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 23.5832. Fractal Chaos Band – Above its FCB upperband. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short Cycle Wave – positive and rising slope. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 57.9.
Nasdaq 100 closed at 8315.5231 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 113.5401. Fractal Chaos Band – Broke 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. RSI – 67.3.
S&P 500 closed at 3120.46 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 44.64. 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 – 67.1.
Metals and Commodities (Weekly charts) WTI Crude oil futures (CL) closed at $58.02 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, and 200 SMA. Weekly trading range was 1.77. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upwards. RSI – 53.1.
Gold futures (GC) closed at 1468.7 with a small bullish candle below its 21 EMA and above its 8 EMA, 50 SMA, 200 SMA. Weekly trading range was 29.3. Fractal Chaos Band – Crossed above its FCB lowerband. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – negative and falling slope. Market direction:- Weak DownTrend. Momentum – Strong Downward. RSI – 54.1.
Bonds (Weekly charts) Bond futures (/ZB) closed at 158’13 with a bullish candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 2.9375. Fractal Chaos Band – Closed above its FCB lowerband. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short cycle – negative and falling. Market direction:- Weak DownTrend. Momentum – Strong Downward. RSI – 51.4.
High Yield bond ETF (HYG) closed at 86.94 with a small bullish candle below its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Weekly trading range – 0.3. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – positive and falling slope. Market direction:- Weak UpTrend. Momentum – Weak Downward. RSI – 53.1.
Currencies (Weekly charts) The dollar index ($DXY) closed at 98.000 with a bearish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.483. Fractal Chaos Band – Close within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and rising slope. Short cycle – negative and rising slope. Market direction:- Strong UpTrend. Momentum – Weak Downward. RSI – 51.7.
EUR/USD closed at 1.1047 with a small bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.0067. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – negative and falling slope. Short cycle – positive and falling slope. Market direction:- Strong DownTrend. Momentum – Weak Upward. RSI – 45.9.
USD/JPY closed at 108.77 with a bearish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Weekly trading range – 1.057. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upward. RSI – 52.5.
Relative Strength – Sectors On a 3-monthly lookback, the relative strength order of the ETFs are SPX, XLK, SPY, /ES, XLV, XLI, XLB, XLF, XLP, XLY, XLE and XLU respectively.
On a 12-monthly lookback, the relative strength order of the ETFs are SPX, XLK, SPY, /ES, XLV, XLI, XLB, XLF, XLP, XLY, XLU and XLE respectively.
Market Internals Market Sentiment is extremely bullish. Market Breadth is sloping downwards showing more losers than gainers. Volume Acc/Dis is sloping upwards showing accumulation. Skew is at 124.95. Vix is at 12.05 and Vix futures 12.96.
The Week Ahead This is a week of continuous new all-time highs. With the FED going onto QE Infinity, the macro view has to be bullish and any dip will be bought. Market internals are showing mix message and we are likely to be at an irrational exuberance. Skew is normal. Vix is below 13 and Vix futures is below 13. The prognosis is new highs but caution is also recommended as we are now in overbought conditions. .
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.
15 November 2019 – Weekly Review – Indices closed at All-Time highs
Indices (Weekly chart)
Dow Transportation ($DJT) closed at 10876.29 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 259.72. Fractal Chaos Band – broke above its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 56.1. The index is in a weekly and monthly Squeeze.
Dow Industrial ($DJI) closed at 28004.89 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 487.22. 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. It is in a weekly and monthly Squeeze. RSI – 65.4.
Russell 2000 closed at 1596.4545 with a small doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 23.5832. Fractal Chaos Band – Above its FCB upperband. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short Cycle Wave – positive and rising slope. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 57.9.
Nasdaq 100 closed at 8315.5231 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 113.5401. Fractal Chaos Band – Broke 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. RSI – 67.3.
S&P 500 closed at 3120.46 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 44.64. 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 – 67.1.
Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $58.02 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA, and 200 SMA. Weekly trading range was 1.77. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upwards. RSI – 53.1.
Gold futures (GC) closed at 1468.7 with a small bullish candle below its 21 EMA and above its 8 EMA, 50 SMA, 200 SMA. Weekly trading range was 29.3. Fractal Chaos Band – Crossed above its FCB lowerband. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – negative and falling slope. Market direction:- Weak DownTrend. Momentum – Strong Downward. RSI – 54.1.
Bonds (Weekly charts)
Bond futures (/ZB) closed at 158’13 with a bullish candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 2.9375. Fractal Chaos Band – Closed above its FCB lowerband. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short cycle – negative and falling. Market direction:- Weak DownTrend. Momentum – Strong Downward. RSI – 51.4.
High Yield bond ETF (HYG) closed at 86.94 with a small bullish candle below its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Weekly trading range – 0.3. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short cycle – positive and falling slope. Market direction:- Weak UpTrend. Momentum – Weak Downward. RSI – 53.1.
Currencies (Weekly charts)
The dollar index ($DXY) closed at 98.000 with a bearish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.483. Fractal Chaos Band – Close within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and rising slope. Short cycle – negative and rising slope. Market direction:- Strong UpTrend. Momentum – Weak Downward. RSI – 51.7.
EUR/USD closed at 1.1047 with a small bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.0067. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – negative and falling slope. Short cycle – positive and falling slope. Market direction:- Strong DownTrend. Momentum – Weak Upward. RSI – 45.9.
USD/JPY closed at 108.77 with a bearish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Weekly trading range – 1.057. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upward. RSI – 52.5.
Relative Strength – Sectors
On a 3-monthly lookback, the relative strength order of the ETFs are SPX, XLK, SPY, /ES, XLV, XLI, XLB, XLF, XLP, XLY, XLE and XLU respectively.
On a 12-monthly lookback, the relative strength order of the ETFs are SPX, XLK, SPY, /ES, XLV, XLI, XLB, XLF, XLP, XLY, XLU and XLE respectively.
Market Internals
Market Sentiment is extremely bullish. Market Breadth is sloping downwards showing more losers than gainers. Volume Acc/Dis is sloping upwards showing accumulation. Skew is at 124.95. Vix is at 12.05 and Vix futures 12.96.
The Week Ahead
This is a week of continuous new all-time highs. With the FED going onto QE Infinity, the macro view has to be bullish and any dip will be bought. Market internals are showing mix message and we are likely to be at an irrational exuberance. Skew is normal. Vix is below 13 and Vix futures is below 13. The prognosis is new highs but caution is also recommended as we are now in overbought conditions. .
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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