Commentary: Paul Ebeling on Wall Street
$DIA, $SPY, $QQQ, $RUTX
Looking at the major US stock market action in light of NKorea peace talks, no US-China trade war, and the keep’em guessing shambles President Trump left the Canadian G7 Summit in.
Thursday was a bit dicey in the US for the NAS Comp, but it recovered Friday holding the good pattern. The major indexes setups are very nice though the Russell 2000 could need more time to test and consolidate before it rallies again, remember the small caps ran ahead of the big guys.
The S&P 500 look good. The DJIA’s industrials are showing better patterns including machinery and metals.
Money began to move in to them last week, looking for much more to come.
There are many sectors and groups looking good, some have rallied and just tested near term support.
They the techs and chips provide the fuel to drive the NAS Comp and the S&P 500.
So, since the patterns are good that suggests the major US stock market indexes will continue North, if they can keep the same outlook after President Trump trampled on the G-7’ers and the NKorea meeting this week marks some degree of success. we see lots of breaks North.
The focus will be on healthcare, chipmakers, the big multinational names, China stocks, machinery and metals.
I see those groups getting money and attention in here.
So, pay attention, as it is your money and your responsibility.
The Bulls Vs The Bears
VIX: 12.18; +0.05
VXN: 16.51; +0.06
VXO: 11.33; -0.40
Put/Call Ratio (PCR) CBOE: 0.95; +0.03
The Bulls moved a bit higher.
The Bears are holding their slight bounce.
The Bulls are at: 50.0 Vs 49.1 last
The Bears are at: 19.2 Vs 19.2 last
Support and Resistance
Have a terrific week