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18 November 2019 – New Highs in dampened market

Indices
Dow Transportation closed at 10879.09 with a bullish candle below its 8 EMA and above its 21 EMA, 50 SMA, 200 SMA. Daily trading range is 93.3. Fractal Chaos Band – closed 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 – 56.

Dow Industrial closed at 28036.22 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 71.73. Fractal Chaos Band – closed above its FCB. 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 – 76.2.

Russell 2000 closed at 1592.3407 with a small doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 7.905. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – negative and falling. Market direction – Strong UpTrend. Momentum – Weak Downward. RSI – 60.8.

Nasdaq 100 closed at 8328.4789 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 65.73. Fractal Chaos Band – closed above its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Weak Upward. RSI – 72.2.

S&P 500 (SPX) closed at 3122.03 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 12.11. 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 – 74.3.

Metals and Commodities
WTI Crude oil futures (CL) closed at $56.97 per barrel with a big bearish candle below its 8 EMA, 200 SMA and above its 21 EMA, 50 SMA. Daily trading range – 1.53. 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 – 54.4.

Gold (/GC) closed at 1471.9 with a small bullish candle below its 21 EMA, 50 SMA and above its 8 EMA, 200 SMA. Daily trading range – 17.8. Fractal Chaos Band – within its FCB. Long Cycle Wave – negative and falling slope. Medium Cycle Wave – negative and rising slope. Short Cycle Wave – positive and rising slope. Market direction – Strong DownTrend. Momentum – Strong Upward. RSI – 44.1.

Commodities (DBC) ETF closed at 15.42 with a bearish candle below its 8 EMA, 21 EMA, 200 SMA and above its 50 SMA. Daily trading range – 0.19. Fractal Chaos Band – closed below its FCB lowerband. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Strong Downward. Momentum – Strong Downward. RSI – 48.5.

Bonds
Bond futures (/ZB) closed at 158’21 with a bullish candle above its 8 EMA, 200 SMA and below its 21 EMA, 50 SMA. Daily trading range – 1.2187. 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 – Neutral. Momentum – Strong Upward. RSI – 48.8.

High Yield bond ETF (HYG) closed at 86.83 with a bearish candle below its 21 EMA, 50 SMA and above its 8 EMA, 200 SMA. Daily trading range – 0.15. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and rising. Short Cycle Wave – positive and rising. Market direction – Weak DownTrend. Momentum – Strong Downward. RSI – 47.7.

Currency
The dollar index ($DXY) closed at 97.824 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 0.322. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 46.1.


EUR/USD closed at 1.1071 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Daily trading range – 0.0042. 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 – Weak Upward. RSI – 51.7.

USD/JPY closed at 108.66 with a bearish candle above its 50 SMA and below its 8 EMA, 21 EMA, 200 SMA. Daily trading range – 0.56. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – negative and falling. Market direction – Neutral. Momentum – Weak Downward. RSI – 50.1.

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

On a 12-monthly lookback, the relative strength order of the S&P 500 ETFs are SPX, SPY, XLK, /ES, XLI, XLP, XLF, XLB, 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 – 126.59. Vix – 12.46 and Vix Futures – 12.60.   

The Week Ahead 
With the indices making record highs and also oversold on the weekly chart, we should see the indices going sideways or pulling back slightly. Skew is normal, Vix and Vix futures are below 13. The prognosis is for a strong market but any upside is limited. .

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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