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17 January 2020 – Weekly Review – All Time New Highs


Indices (Weekly chart)
Dow Transportation ($DJT) closed at 11278.85 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 385.61. 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 – 62.4. The index is in its monthly Squeeze.    

Dow Industrial ($DJI) closed at 29348.10 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 554.19. 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 – 75.5.

Russell 2000 closed at 1699.6351 with a candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 62.76. 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 falling slope. Market direction – Strong UpTrend. Momentum – Weak Upward. RSI – 68.6.       

Nasdaq 100 gapped up and closed at 9173.7326 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 209.83. Fractal Chaos Band – Above its FCB upper and lower band. 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 – 81.2.

S&P 500 closed at 3329.62 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 64.53. 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 – 79.

Metals and Commodities (Weekly charts)
WTI Crude oil futures (CL) closed at $58.84 per barrel with a small doji candle below its 8 EMA and above its 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 1.91. Fractal Chaos Band – Within its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and falling slope. Short cycle – positive and falling slope. Market direction:- Strong UpTrend. Momentum – Weak Upwards. RSI – 51.8.

Gold futures (GC) closed at 1557.3 with a small candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range was 26.8. Fractal Chaos Band – closed above its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and falling slope. Market direction:- Strong UpTrend. Momentum – Strong Upward. RSI – 68.3.

Bonds (Weekly charts)
Bond futures (/ZB) closed at 157’16 with a small doji candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Weekly trading range was 1.9062. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and flat. Short cycle – negative and rising. Market direction:- Weak DownTrend. Momentum – Neutral. RSI – 49.3.         

High Yield bond ETF (HYG) closed at 88.36 with a small doji candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.25. 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 – 65.8.

Currencies (Weekly charts)
The dollar index ($DXY) closed at 97.637 with a small bullish candle intertwined with its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Weekly trading range – 0.57. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – negative and rising slope. Short cycle – positive and rising slope. Market direction:- Weak UpTrend. Momentum – Neutral. RSI – 50.3.

EUR/USD closed at 1.1087 with a bearish inverted hammer candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Weekly trading range – 0.0086. Fractal Chaos Band – Closed within its FCB. Long Cycle Wave – negative and rising slope. Medium Cycle Wave – positive and falling slope. Short cycle – negative and falling slope. Market direction:- Strong DownTrend. Momentum – Neutral. RSI – 48.3.   

USD/JPY closed at 110.16 with a bullish marubozu candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Weekly trading range – 0.861. Fractal Chaos Band – closed above its FCB. Long Cycle Wave – positive and rising slope. Medium Cycle Wave – positive and rising slope. Short cycle – positive and rising. Market direction:- Strong UpTrend. Momentum – Strong Upward. RSI – 57.4.

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

On a 12-monthly lookback, the relative strength order of the ETFs are SPY, SPX, XLK, XLU, XLV, XLY, /ES, XLF, XLP, XLI, XLB 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 upwards showing accumulation. Skew is at 134.62. Vix is at 12.10 and Vix futures 12.55.

The Week Ahead
Market Sentiment is extremely bullish. Skew is normal. Market internals are showing strength. Economic data such as the The Non-Farm Payroll, Housing Starts continue show economic strength. The prognosis is for caution as this market is overly bullish and extremely overbought. Market internals continue to show tremendous strength.

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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