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Z5 Tues, 30 April 2024

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23 December 2019 – Indices grind upwards

Indices
Dow Transportation closed at 10912.68 with a small doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range is 61.39. 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 – 57.5.

Dow Industrial closed at 28551.53 with a small bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 127.4. Fractal Chaos Band – closed 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 – 71.

Russell 2000 closed at 1674.1412 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 9.12. Fractal Chaos Band – closed 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 – 73.9.

Nasdaq 100 gapped up and closed at 8696.0072 with a tiny candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 32.41. Fractal Chaos Band – closed 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 – 77.3.

S&P 500 (SPX) closed at 3224.01 with a tiny candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 6.56. Fractal Chaos Band – closed 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 – 76.1.

Metals and Commodities
WTI Crude oil futures (CL) closed at $60.64 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.67. 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 – 61.7.

Gold (/GC) closed at 1489.8 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 8.9. 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 – 60.2.

Commodities (DBC) ETF gapped down and closed at 15.86 with a bullish candle below its 8 EMA and above its 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.325. Fractal Chaos Band – closed above its FCB upperband. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Weak UpTrend. Momentum – Weak Upward. RSI – 55.3.

Bonds
Bond futures (/ZB) closed at 155’30 with a bearish “inverted hammer” candle below its 8 EMA, 21 EMA, 50 SMA and on its 200 SMA. Daily trading range – 1.0312. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and flat. Short Cycle Wave – negative and flat. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 40.

High Yield bond ETF (HYG) closed at 87.76 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.08. Fractal Chaos Band – closed above its FCB upperband. 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 – 60.9.

Currency
The dollar index ($DXY) closed at 97.669 with a doji candle above its 8 EMA, 21 EMA, 200 SMA and below its 50 SMA. Daily trading range – 0.234. 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 – Weak DownTrend. Momentum – Strong Upward. RSI – 51.6.


EUR/USD closed at 1.1087 with a small bullish candle above its 50 SMA and below its 8 EMA, 21 EMA, 200 SMA. Daily trading range – 0.0025. 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 DownTrend. Momentum – Strong Downward. RSI – 50.4.

USD/JPY closed at 109.38 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.196. 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 – 57.6.

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

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

Market Internals
Market Sentiment – Extremely Bullish. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Skew – 143.91. Vix – 12.61 and Vix Futures – 14.79.   

The Week Ahead 
Skew is at 143.91 which means that the tail risk has increased to high risk. Vix is below 13 and Vix futures is below 15. Market Internals continue to show strength and market sentiment is showing extreme bullishness. The indices are overbought both in the daily and weekly chart. The prognosis is this to continue to be overbullishness and recklessness. Trade with caution.

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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