Commentary: Paul Ebeling on Wall Street
$DIA, $SPY, $QQQ, $VXX
Earnings season begins in earnest last Friday and is in full swing now.
And, President Trump did not telegraph his move on the surgical attack on Syria, so the market was not effected.
Later, after the strike was finished, the Pentagon said it hit all targets. And President Trump stated it was ‘mission accomplished.’
That means as a message to Russia that the US and its allies are not going to launch further strikes based upon the chemical weapons attack claims.
Friday we saw a low volume the selloff ahead of the Big Bank’s earnings, and then the start of the move higher. The low volume on Friday’s session, and the ability to shake off, aka read, geopolitics means the market is looking for the move North to continue through the 50-Day MA’s for the major US stock market indexes into earnings.
The initial earnings reports will be important for the move watching carefully to see if they can carry the rest of the market, along with driving our positions higher too.
There are lots of good-looking stocks in very good position to make moves North in here.
Remember, tune out the noise and always take what the market gives.
The Bulls Vs The Bears
VIX: 17.41; -1.08
VXN: 22.06; -0.84
VXO: 17.89; -1.40
Put/Call Ratio (PCR) CBOE: 0.98; -0.01
The Bulls and The Bears: Bulls are falling after peaking at 66.7, and that was a significant
high and now the Bulls have dropped into the low 40’s. As we saw the market sold off but as the Bulls sell off means that the market is now ready for a rally off the lows.
The Bulls are at: 42.2 Vs 47.6 last
The Bears are at: 18.6 Vs 18.1 last
Support and Resistance
Saw the indexes test, test and test again the Key support, and now see it running up to and perhaps through the 50-Day MAs, a clear break and hold above will be very positive for this market in here.
HeffX-LTN’s Market Indexes Technical Analysis
Have a terrific week.