Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street


Looking at the major US stock market action President Trump  coming down hard in trade issues, the The Congress’ continuing dust up with the DOJ and FBI.

  • S&P 500, DJIA posted oversold bounces as growth was favored for a 2nd session running
  • Some new areas are attracting money
  • Are the new areas showing us that the US economic expansion will continue?
  • There are those that doubt this economy’s ability to continue gains, will they be proven wrong

This will be an important week for growth and market’s direction overall.

Friday the S&P 500 and DJIA finished in the Green, while the leading growth stocks and their indices (NAS Comp, RUTX) sold for a 2nd session running.

Volume was huge at 2.2-B+ on the day, but that was due to the annual Russell adjustment. And maybe the start of some rotation, but the moves to end the week were  not enough to show a change in investor likes and dislikes.

The action left several important stocks at near support after 2 Southside sessions, making week important for growth issues plus the market’s direction going forward.

To me this does not look like a move that is setting up to roll over, but a branching out into other areas, areas that support the belief that the US is going to continue to expand.

Pay close attention, as it is your money and your responsibility.


The Bulls Vs The Bears

Sentiment Indicators

VIX: 13.77; -0.87
VXN: 18.38; -0.51
VXO: 12.85; -0.59

Put/Call Ratio (CBOE): 0.86; -0.17

Bulls and Bears:

Bulls fell back from the strong rally upside off of the even stronger
plunge. Bears are a bit lighter though still overall on the rebound from
lows not seen since early 1987.

Bulls: 52.0 versus 55.5

Bears: 17.6 versus 17.8


Support and Resistance


HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week ended 22 June 2018

Date Symbol Price Technical Analysis Support Resistance
22 June 2018 QQQ 175.32 Neutral (0.24) 172.92 175.46
22 June 2018 DIA 245.69 Neutral (-0.06) 244.91 247.38
22 June 2018 SPY 274.74 Bullish (0.35) 272.67 274.98

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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