Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $RUTX

Looking at the major US stock market action as President Trump  bears down hard on trade issues, focuses on SCOTUS pick, teeing up NATO demands and the Putin Summit.

The market will tell us now if the Key moves Thursday and Friday on moderate volume will hold the move.

The leadership helped drive the move.

RUTX broke higher 1st with S&P 500 and NAS Comp right behind. That gives the move real credibility. Now, it must sustain.

Building on the S&P 500 break-out call, will be looking to add positions.

Will let existing positions work, off of the rebounds from earlier selling

Earnings season has started, and stocks, after a selloff, are poking higher ahead of results. That may give us some nice gainers to take before individual announcements, and then with the pullback there will be good Northside action on the results announcements.

Be looking to enter more plays as they continue making Bullish moves.

Pay attention in here the market looks Bullish as it moves to 16 August, which will mark the longest Bull Market in history.

Remember, it is your money, so your responsibility.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 13.37; -1.60
VXN: 18.72; -1.63
VXO: 12.71; -2.25

Put/Call Ratio (PCR) CBOE: 1.00; +0.09

The Bulls Vs The Bears

Last week with the sharp drop in Bullish sentiment over the past 2 weeks, we saw the signals for a move back North. That move has started.

The Bulls are at 47.6 Vs 52.0 last

The Bears are at 18.4 Vs 17.6 last

 

Support and Reisistance

HeffX-LTN’s Analysis for the US Major Stock Market Indexes for the Week Ended 6 July 2018

Date Symbol Price Technical Analysis Support Resistance
6 July 2018 QQQ 175.61 Bullish (0.45) 173.86 177.69
6 July 2018 DIA 244.6 Neutral (-0.18) 240.28 245.67
6 July 2018 SPY 275.42 Bullish (0.26) 273.72 277.95

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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