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4 May 2020 – Economies start to re-open

Summary (The Week Ahead)
$DJT – DownTrend. /YMDownTrend. /RTY – DownTrend. /NQUpTrend. /ES – DownTrend.

/CL UpTrend. /GC – DownTrend and in a Squeeze. /ZB – Sideways and in a Squeeze. $DXY – DownTrend and in a preliminary Squeeze. HYG – DownTrend.

$DXY – DownTrend. EUR/USDUpTrend. USD/JPY – DownTrend.

Market Internals
Market Sentiment – Bearish. Put/Call ratio – 0.878. Market Breadth – sloping upward showing more gainers than losers. Volume Acc/Dis – sloping downward and showing distribution. Vix – 35.97 and Vix Futures – 35.25. Skew – 131.29.

The market is rather undecided. On one hand, the US economic data is poor but the stock market with the backing of Trillion dollar stimulus is doing reasonably well. Indices continue to grind upward in the hope that the businesses can re-open.

Bond market is now perceived to be controlled by the FED and is trading sideways in a range. Indices are given mixed signals. Market Sentiment is bearish. Market internals are giving mixed signals. Overall, the market is undecided. The HYG which is the ETF for high yield bonds is trading sideways. The prognosis is for a range-trading market to continue.

Intermarket Analysis
WTI Crude oil futures (CL) closed at $21.18. Daily trading range – 3.37. Fractal Chaos Band – closed within its FCB. Market direction – Weak UpTrend. Momentum – Strong Upward. RSI – 51.

Gold (/GC) closed at 1710.8. Daily trading range – 25.7. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Weak Downward. RSI – 51.7.

Commodities (DBC) ETF closed at 10.89. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Strong Upward. RSI – 41.8.

Bonds
Bond futures (/ZB) closed at 180’26. Daily trading range – 1.4687. Fractal Chaos Band – closed within its FCB. Market direction – Neutral. Momentum – Strong Upward. RSI – 53.1. It is in a Squeeze.

High Yield bond ETF (HYG) closed at 78.57. Daily trading range – 0.67. Fractal Chaos Band – closed within its FCB. Market direction – Strong DownTrend. Momentum – Weak Downward. RSI – 48.3.

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

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


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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