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15 April 2020 – Market down on poor economic data

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

/CLDownTrend and in Squeeze. /GCUpTrend. /ZBDownTrend and in a preliminary Squeeze. $DXYDownTrend. HYGUpTrend.

Market Internals
Market SentimentBearish. Put/Call ratio – 0.886. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping downward and showing distribution. Vix – 40.84 and Vix Futures – 37.75. Skew122.42.

Economic data is starting to be factored into the stock market. The indices pulled back as the impact of the pandemic is starting to show in the company earnings. Market Sentiment has turned bearish. Overall,market internals are giving the Sell signal. The pandemic is starting to plateau which is good for the market. The prognosis is for further Selling pressure in the market.

Intermarket Analysis
WTI Crude oil futures (CL) closed at $20.15. Daily trading range – 1.69. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Weak Downward. RSI – 35.6. It is in a Squeeze.

Gold (/GC) closed at 1743. Daily trading range – 28.2. Fractal Chaos Band – closed above its FCB. Market direction – Strong UpTrend. Momentum – Strong Upward. RSI – 63.3.

Commodities (DBC) ETF closed at 11.42. Daily trading range – 0.31. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Weak Upward. RSI – 40.2.

Bonds
Bond futures (/ZB) closed at 180’21. Daily trading range – 3.3125. Fractal Chaos Band – closed within its FCB. Market direction – Strong UpTrend. Momentum – Weak Downward. RSI – 57.4. It is in a preliminary Squeeze.

High Yield bond ETF (HYG) closed at 80.76. Daily trading range – 1.56. Fractal Chaos Band – closed within its FCB. Market direction – Strong UpTrend. Momentum – Weak Upward. RSI – 55.7.

Currency
The dollar index ($DXY) closed at 99.568. Daily trading range – 1.159. Fractal Chaos Band – closed within its FCB. Market direction – Weak DownTrend. Momentum – Strong Downward. RSI – 51.7.


EUR/USD closed at 1.0910. Daily trading range – 0.0132. Fractal Chaos Band – closed within its FCB. Market direction – Weak UpTrend. Momentum – Weak Upward. RSI – 46.8.

USD/JPY closed at 107.42. Daily trading range – 0.9329. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Strong Downward. RSI – 46.7.

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

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