Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $RUTX

Looking at the major US stock market action in light of the recent NKorean peace summit, no US-China trade war, and President Trump the The Congress’ harangue with the DOJ and FBI.

  • US, China trade tariffs; market held up well.
  • Economic data good not great, better coming
  • Key index action Friday suggests most of the move was just position squaring
    at expiries.
  • Good patterns set ups augur well for the Northside to continue.
  • FAANGs still look fine.

The financial markets saw choppy trade last week, 1 analyst I read, called it the “Week from Hell” and it is in the book.

The NAS Comp, the Russell 2000, and S&P 400 marked new highs on the week before some fade late

The benchmark S&P 500 and DJIA did not mark new highs, but held up very well, setting up for a new run higher despite news that most predicted would scupper any idea of a Northside move.

This week the S&P 500 (SPY) and DJIA (DIA) start the week in position to make good moves if the conditions align.

Many tech stocks remain positive and not extended after starting good upside breaks. So, far tech and growth have done well, and still warrant play.

On the industrials.

We expect them survive the back and forth talk on tariffs and hold  their patterns (China will cave) so keep watch and when they break North its time for them again.

Remember, pay attention, it is your money and so, your responsibility.

 

The Bulls Vs The Beats

Sentiment Indicators

VIX: 11.98; -0.14
VXN: 15.42; -0.52
VXO: 11.01; +0.50

Put/Call Ratio (PCR) CBOE: 0.93; 0.00

The Bulls up 5.5 points over the past 3 weeks, The Bears -1.4 over the same frame. After dropping sharply during the stock rebound, Bulls get up a bit. The Bears rallied into the selling, now fading after a few weeks North, and so it goes…

The Bulls are at 55.5 Vs 52.9 last

The Bears are at: 17.8 Vs 17.7 last

 

HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week Ended 15 June 2018

Date Symbol Price Technical Analysis Support Resistance
15 June 2018 QQQ 176.98 Bullish (0.30) 153.45  None
15 June 2018 DIA 250.74 Bullish (0.28) 247.81 250.82
15 June 2018 SPY 277.13 Bullish (0.32) 275.18 278.02

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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