27 December 2019 – Weekly Review – Closing on a record high 2019
Indices (Weekly chart) Dow Transportation ($DJT) closed at 10936.70 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 93.64. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Weak Upward. RSI – 56.6. The index is in its monthly Squeeze.
Dow Industrial ($DJI) closed at 28645.26 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 246.57. 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 monthly Squeeze. RSI – 70.
Russell 2000 closed at 1669.033 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 15.484. Fractal Chaos Band – closed 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 – 66.
Nasdaq 100 closed at 8770.9791 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 132.61. Fractal Chaos Band – Above its FCB upperband. 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 – 75.2.
S&P 500 closed at 3240.02 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 27.42. 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 – 74.5.
Metals and Commodities (Weekly charts) WTI Crude oil futures (CL) closed at $61.72 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.87. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upwards. RSI – 60.
Gold futures (GC) closed at 1515.6 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 38.7. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Weak Upward. RSI – 63.1.
Bonds (Weekly charts) Bond futures (/ZB) closed at 156’24 with a small bullish candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 1.4687. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and falling. Short cycle – negative and falling. Market direction:- Strong DownTrend. Momentum – Strong Downward. RSI – 47.7.
High Yield bond ETF (HYG) closed at 87.92 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.3. Fractal Chaos Band – closed above its FCB Upperband. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upward. RSI – 62.3.
Currencies (Weekly charts) The dollar index ($DXY) closed at 97.014 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range – 0.9019. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – negative and falling slope. Short cycle – negative and falling slope. Market direction:- Strong DownTrend. Momentum – Strong Downward. RSI – 45.8.
EUR/USD closed at 1.1171 with a bullish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Weekly trading range – 0.0119. 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 – 53.3.
USD/JPY closed at 109.36 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range – 0.397. 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 – 55.
Relative Strength – Sectors On a 3-monthly lookback, the relative strength order of the ETFs are XLV, SPX, XLK, SPY, XLP, /ES, XLF, XLY, XLB, XLI, XLE and XLU respectively.
On a 12-monthly lookback, the relative strength order of the ETFs are XLP, SPX, XLV, XLK, SPY, /ES, XLY, XLF, XLB, XLI, XLU and XLE respectively.
Market Internals Market Sentiment is extremely bullish. Market Breadth is sloping upwards showing more gainers than losers. Volume Acc/Dis is sloping downwards showing distribution. Skew is at 140.29. Vix is at 13.43 and Vix futures 15.11.
The Week Ahead Market Sentiment is extremely bullish. Skew is showing bullishness. Market internals are strong. Vix is below 14 and Vix futures are below 16 and has increased. The indices RSI in the daily and weekly charts are showing over bought conditions. It is likely that this market will hold at this high level till the end of the year before selling off in the new year. The prognosis is to be cautious trading in an overly bullish market
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.
27 December 2019 – Weekly Review – Closing on a record high 2019
Indices (Weekly chart)
Dow Transportation ($DJT) closed at 10936.70 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 93.64. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Weak Upward. RSI – 56.6. The index is in its monthly Squeeze.
Dow Industrial ($DJI) closed at 28645.26 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 246.57. 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 – 70.
Russell 2000 closed at 1669.033 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 15.484. Fractal Chaos Band – closed 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 – 66.
Nasdaq 100 closed at 8770.9791 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 132.61. Fractal Chaos Band – Above its FCB upperband. 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 – 75.2.
S&P 500 closed at 3240.02 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 27.42. 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 – 74.5.
Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $61.72 per barrel with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.87. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upwards. RSI – 60.
Gold futures (GC) closed at 1515.6 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 38.7. Fractal Chaos Band – within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Weak Upward. RSI – 63.1.
Bonds (Weekly charts)
Bond futures (/ZB) closed at 156’24 with a small bullish candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 1.4687. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and falling. Short cycle – negative and falling. Market direction:- Strong DownTrend. Momentum – Strong Downward. RSI – 47.7.
High Yield bond ETF (HYG) closed at 87.92 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.3. Fractal Chaos Band – closed above its FCB Upperband. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising slope. Market direction:- Strong UpTrend. Momentum – Strong Upward. RSI – 62.3.
Currencies (Weekly charts)
The dollar index ($DXY) closed at 97.014 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range – 0.9019. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – negative and falling slope. Short cycle – negative and falling slope. Market direction:- Strong DownTrend. Momentum – Strong Downward. RSI – 45.8.
EUR/USD closed at 1.1171 with a bullish candle above its 8 EMA, 21 EMA and below its 50 SMA, 200 SMA. Weekly trading range – 0.0119. 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 – 53.3.
USD/JPY closed at 109.36 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and below its 200 SMA. Weekly trading range – 0.397. 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 – 55.
Relative Strength – Sectors
On a 3-monthly lookback, the relative strength order of the ETFs are XLV, SPX, XLK, SPY, XLP, /ES, XLF, XLY, XLB, XLI, XLE and XLU respectively.
On a 12-monthly lookback, the relative strength order of the ETFs are XLP, SPX, XLV, XLK, SPY, /ES, XLY, XLF, XLB, XLI, XLU and XLE respectively.
Market Internals
Market Sentiment is extremely bullish. Market Breadth is sloping upwards showing more gainers than losers. Volume Acc/Dis is sloping downwards showing distribution. Skew is at 140.29. Vix is at 13.43 and Vix futures 15.11.
The Week Ahead
Market Sentiment is extremely bullish. Skew is showing bullishness. Market internals are strong. Vix is below 14 and Vix futures are below 16 and has increased. The indices RSI in the daily and weekly charts are showing over bought conditions. It is likely that this market will hold at this high level till the end of the year before selling off in the new year. The prognosis is to be cautious trading in an overly bullish market
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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