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2 March 2020 – Indices roared back from Oversold conditions!

Indices
Dow Transportation gapped up and closed at 9475.68 with a high closing doji candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range is 341.79. Fractal Chaos Band – closed below its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 22.5.

Dow Industrial gapped up and closed at 26703.32 with a huge bullish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 1314.21. Fractal Chaos Band – closed below its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 36.1.

Russell 2000 closed at 1518.491 with a big bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 55.47. Fractal Chaos Band – closed below its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 31.

Nasdaq 100 gapped up and closed at 8877.9778 with a big bullish marubozu candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 432.896. Fractal Chaos Band – closed below its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 43.4.

S&P 500 (SPX) gapped up and closed at 3090.23 with a huge bullish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range – 37.3. Fractal Chaos Band – closed below its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 37.3.

Metals and Commodities
WTI Crude oil futures (CL) gapped down and closed at $47.52 per barrel with a big bullish candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 4.24. Fractal Chaos Band – closed below its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and rising. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 37.4.

Gold (/GC) closed at 1590.2 with a spinning top doji candle below its 8 EMA, 21 EMA and above its 50 SMA, 200 SMA. Daily trading range – 35.8. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling slope. Medium Cycle Wave – positive and falling slope. Short Cycle Wave – negative and falling slope. Market direction – Weak DownTrend. Momentum – Strong Downward. RSI – 51.

Commodities (DBC) ETF gapped up and closed at 13.92 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 0.32. Fractal Chaos Band – closed below its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 33.

Bonds
Bond futures (/ZB) closed at 169’17 with a big bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 2.9062. 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 – 75.8.

High Yield bond ETF (HYG) gapped down and closed at 86.31 with a big bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 1.175. Fractal Chaos Band – closed below its FCB. Long Cycle Wave – negative and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and rising. Market direction – Strong DownTrend. Momentum – Weak Downward. RSI – 35.

Currency
The dollar index ($DXY) closed at 97.511 with a big bearish candle below its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 0.9459. Fractal Chaos Band – closed within its FCB. Long Cycle Wave – positive and falling. Medium Cycle Wave – negative and falling. Short Cycle Wave – negative and falling. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 35.9.


EUR/USD closed at 1.1131 with a big bullish candle above its 8 EMA, 21 EMA, 50 SMA, 200 SMA. Daily trading range – 0.0158. Fractal Chaos Band – closed above its FCB. Long Cycle Wave – negative and rising. Medium Cycle Wave – positive and rising. Short Cycle Wave – positive and rising. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 70.

USD/JPY closed at 108.30 with a bullish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range – 1.222. Fractal Chaos Band – closed below 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 – Strong Downward. RSI – 36.1.

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

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

Market Internals
Market Sentiment – Bullish. Market Breadth – sloping downward showing more losers than gainers. Volume Acc/Dis – sloping downward and showing distribution. Skew – 126.84. Vix – 33.42 and Vix Futures – 26.05.   

The Week Ahead 
The indices bounced back from a severely oversold condition. Vix has decreased to below 34 and Vix futures is below 26. The sentiment has tured slightly positive. Market Internals are still showing weaknesses. Bond has pulled back and could be topping. The prognosis is the indices will continue to be volatile but with buying pressure.

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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