Commentary: Paul Ebeling on Wall Street
$DIA, $SPY, $QQQ, $RUTX
Looking at the major US stock market indexes in light of looming Korea peace no US-China trade war and the current NFPs.
Note: Former US President Barack Hussein Obama, though he likes to take credit, did not set the economy up for this super recovery, what he did do is hold back the growth and tried to dumb down The People in to thinking this is going to be as good as it get, the US as the world’s leader is finished, no more America First. Then we elected a free enterprise President and in his 1st 500 days in the Oval Office shredded all that NWO (new world order) baloney we have been hearing since GHWB (41), hey that is 40 years of dampening and hobbling America in a Key reversal of a negative pattern.
A Positive Signal
RUTX marked a new high last Wednesday with a big surge off the week-long test of the 10-Day EMA. Faded a bit Thursday, and Friday rallied right back to the all-time high marked Wednesday. Small caps look good in here.
Last week we saw good moves from the Key indices and stocks to end the week. The patterns look good, the leadership is expanding, moves are happening.
But, there is no room to rest in here.
Again, there are good patterns in place, and when they break see help on the drive North. Naturally we
With NAS Comp broke out and S&P 500 looks OK, there is plenty of money on the sidelines to come in on the trigger.
Summer is here and sometimes that work against the Northside, but again the patterns are good, and a Bull Market really enjoys having a lot of issues in good patterns for fuel on a drive up.
The market has leadership so do not fight the tape. So, Summer does not have to dampen the action, just a this year sell in May go away would have cost a lot of money. We make moves when the market tells us to make them, not on adages and platitudes.
This week will look for new breaks, holds and rises, driving the major market indexes and stocks North in the 2nd longest Bull Market on record, and when it crack 17 August in positive it will be the longest Bull Run ever.
The Bulls Vs The Bears
VIX: 13.46; -1.97
VXN: 15.11; -1.67
VXO: 12.52; -1.46
Put/Call Ratio (PCR) CBOE: 0.86; -0.27
The Bulls were up in a 4 wk recovery from the fall from 65ish.
The Bears are holding a rebound, it is not that much.
The Bulls are at 50.0 Vs 49.1 last
The Bears are at 19.2 Vs 19.2 last
Support and Resistance
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week Ended 1 June 2018
Have a terrific week.