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8 April 2020 – Indices Squeezed upward

Summary (The Week Ahead)
$DJTUpTrend and in a Squeeze. /YMUpTrend and in a preliminary Squeeze. /RTYUpTrend and in a Squeeze. /NQUpTrend and in a Squeeze. /ESUpTrend and in a Squeeze.

/CLUpTrend and in preliminary Squeeze. /GCUpTrend. /ZBDownTrend and in a Squeeze. $DXYUpTrend. HYGUpTrend.

Market Internals
Market SentimentBearish. Put/Call ratio – 0.955. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping upward and showing accumulation. Vix – 43.35 and Vix Futures – 42.35. Skew119.30.

The indices rocketed upward during US trading hours. It is still in a volatility compression. Market Sentiment continues to be bearish on the market even though our Momentum and Trend trading system is showing bullishness. The ES and NQ have exited its bear market. The prognosis is for a bullish bias to the market even though market sentiment remains bearish.

Details

Indices
Dow Transportation – closed at 8152.39. Daily trading range is 331.13. Fractal Chaos Band – closed within its FCB. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 51.

Dow Industrial closed at 23433.57. Daily trading range – 859.54. Fractal Chaos Band – above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 52.7.

Russell 2000 closed at 1191.66. Daily trading range – 58.0034. Fractal Chaos Band – closed above its FCB. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 48.8.

Nasdaq 100 closed at 8229.5419. Daily trading range – 205.106. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 54.1.

S&P 500 (SPX) closed at 2749.98. Daily trading range – 101.34. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 53.1.

Metals and Commodities
WTI Crude oil futures (CL) closed at $26.14. Daily trading range – 2.71. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Weak Upward. RSI – 43.4.

Gold (/GC) closed at 1679.5. Daily trading range – 25.1. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Weak Upward. RSI – 59.

Commodities (DBC) ETF closed at 11.53. Daily trading range – 0.217. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Strong Upward. RSI – 41.1.

Bonds
Bond futures (/ZB) closed at 178’01. Daily trading range – 2.2187. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Strong Downward. RSI – 53.3. Squeeze – Yes.

High Yield bond ETF (HYG) closed at 77.30. Daily trading range – 2.29. Fractal Chaos Band – closed within its FCB. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 49.4.

Currency
The dollar index ($DXY) closed at 100.159. Daily trading range – 0.528. Fractal Chaos Band – closed within its FCB. Market direction – Weak UpTrend. Momentum – Weak Upward. RSI – 53.0.


EUR/USD closed at 1.0852. Daily trading range – 0.0072. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 45.4.

USD/JPY closed at 108.80. Daily trading range – 0.5979. Fractal Chaos Band – closed within its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 52.1.

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

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


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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