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22 November 2019 – Weekly Review – NO Trade deal yet, Indices hesitates


Indices (Weekly chart)
Dow Transportation ($DJT) closed at 10785.15 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 270.55. 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 – 54.5. The index has exited its weekly Squeeze and is still in a monthly Squeeze.    

Dow Industrial ($DJI) closed at 27875.62 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 414.93. 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 monthly Squeeze. RSI – 63.5.

Russell 2000 closed at 1588.9429 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 21.9215. Fractal Chaos Band – closed within its FCB. 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 – 56.6.       

Nasdaq 100 closed at 8272.0525 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 131.5433. 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 – 65.4.

S&P 500 closed at 3110.29 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 36.23. 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 – 65.6.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $57.93 per barrel with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 3.89. 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 1461.5 with a small bearish candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 22.6. Fractal Chaos Band – Crossed below 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 – 52.5.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 157’27 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 3.0312. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short cycle – negative and rising. Market direction:- Weak UpTrend. Momentum – Strong Downward. RSI – 53.9.         

High Yield bond ETF (HYG) closed at 86.69 with a small bearish candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range – 0.67. Fractal Chaos Band – closed 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:- Neutral. Momentum – Weak Downward. RSI – 50.3.

Currencies (Weekly charts)
The dollar index ($DXY) closed at 98.266 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.627. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – negative and rising slope. Market direction:- Strong UpTrend. Momentum – Neutral. RSI – 53.1.

EUR/USD closed at 1.1017 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.0082. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – negative and falling slope. Medium Cycle Wave – negative and falling slope. Short cycle – negative and falling slope. Market direction:- Strong DownTrend. Momentum – Weak Downward. RSI – 44.5.   

USD/JPY closed at 108.57 with a bearish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Weekly trading range – 0.798. 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 falling slope. Market direction:- Strong UpTrend. Momentum – Weak Upward. RSI – 51.5.

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

On a 12-monthly lookback, the relative strength order of the ETFs are XLV, XLF, SPX, SPY, /ES, XLK, XLI, XLP, XLB, XLU, XLY 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 downwards showing distribution. Skew is at 125.53. Vix is at 12.34 and Vix futures 14.80.

The Week Ahead
This is another week of new all-time highs. Market Internals are showing weakness even as the indices are making new highs. Skew is normal. Vix is below 13 and Vix futures is below 15. There is no Trade Deal yet. The prognosis is to be cautious as the market internals are signalling a potential turn to the downside.

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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