Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

Looking at the major US stock market indexes technically

The major US stock market indexes made good on Key reversals last week, moving through the
near near term resistance. The pause to refresh Friday was on the cards, and a couple of days rest works to consolidate the move and drive it higher.

That being the case, see more Northside room to add solid plays as they show themselves, so watch for the breaks, and if missed, there will likely be more chances.

When stocks resume the move savvy participants will let the money making Long positions ride and then when new stocks break higher add new positions, as long as the internals are solid.

Remember, there will always be a trade…it is your money and your responsibility.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 12.65; -0.58
VXN: 16.19; -0.19
VXO: 12.57; -0.64

Put/Call Ratio (OCR) CBOE: 0.98; +0.17

The Bulls fell the past 2 weeks as the market started up again, that is how Wall Street works

The Bulls are at 43.1 Vs 43.6 last

The Bears are at 20.6 Vs 20.8 last

 

Support and Resistance

HeffX-LTN’s Market Indexes Technical Analysis for the week ended 11 May 2018

Date Symbol Price Technical Analysis Support Resistance
11 May 2018 QQQ 169.46 Neutral (0.19) 168.04 170.72
11 May 2018 DIA 248.54 Neutral (0.13) 248.33 254.07
11 May 2018 SPY 272.85 Neutral (0.22) 270.61 274.41

Have a terrific week.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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