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6 January 2020 – Market hold steady despite fear of Iran -US war


Indices
Dow Transportation gapped down and closed at 10848.73 with a bullish marubozu candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Daily trading range is 165.52. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Weak DownTrend. Momentum – Weak Downward. RSI – 50.5.

Dow Industrial gapped down and closed at 28703.38 with a bullish engulfing candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 289.39. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and falling. Market direction – Strong UpTrend. Momentum – Weak Downward. RSI – 63.7.

Russell 2000 gapped down and closed at 1663.2566 with a bullish engulfing candle below its 8 EMA and above its 21 EMA, 50 SMA and 200 SMA. Daily trading range – 19.34. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – negative and rising. Market direction – Weak UpTrend. Momentum – Strong Downward. RSI – 61.2.

Nasdaq 100 gapped down and closed at 8848.5154 with a bullish engulfing candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 136.087. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 71.4.

S&P 500 (SPX) gapped down and closed at 3246.28 with a bullish engulfing candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 32.2. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and falling. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Weak Upward. RSI – 67.9.

Metals and Commodities
WTI Crude oil futures (CL) closed at $62.83 per barrel with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 2.08. Fractal Chaos Band – closed above its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and flat. Market direction – Strong UpTrend. Momentum – weak Upward. RSI – 69.6.

Gold (/GC) gapped up and closed at 1567.7 with an inverted hammer candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 35.7. Fractal Chaos Band – closed above 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 – 80.7.

Commodities (DBC) ETF closed at 16.19 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.14. 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. RSI – 64.3.

Bonds
Bond futures (/ZB) closed at 157’25 with a bearish candle below its 50 SMA and above its 8 EMA, 21 EMA, 200 SMA. Daily trading range – 1.0937. 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. RSI – 51.7.

High Yield bond ETF (HYG) closed at 88.13 with a doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.17. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 63.3.

Currency
The dollar index ($DXY) closed at 96.623 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.357. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Weak Downward. RSI – 36.9.


EUR/USD closed at 1.1196 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.0055. 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 – 60.9.

USD/JPY closed at 108.35 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 0.737. Fractal Chaos Band – closed below its FCB lowerband. Long Cycle Wave – negative and rising. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 42.2.

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

On a 12-monthly lookback, the relative strength order of the S&P 500 ETFs are XLI, SPX, SPY, /ES, XLK, XLY, XLF, XLP, XLV, XLU, XLB 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 – 132.64. Vix – 13.85 and Vix Futures – 14.70.   

The Week Ahead 
Skew is normal. Vix is below 14 and Vix futures is below 15. Market Internals continue to show strength and market sentiment is showing extreme bullishness. The indices is trending upwards.

The indices gapped down on market open but recovered. The market has dismissed the events of the weekend where an Iranian general was assassinated by US forces. The US market is currently enjoying a superbull market and impervious to negative news as it seems. The prognosis is that this market is exuberant and the indices will continue to be bought until a catastrophic event happens.

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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