Commentary: Paul Ebeling on Wall Street
$DIA, $SPY, $QQQ, $RUTX
Q-2 earnings is coming to a close, so lets look at the technicals
- DJIA leads as money rotates form tech’s to its blue chips
- Tech leaders topping, the rotation allows the move to continue; some leaders will soon drop out.
DJIA: Thursday the DIA finished solidly higher, and extended Friday. DJIA is back at the Top of the channel formed off the March and April lows, and looks like it wants to drive further North.
S&P 50: SPY like DIA, moved up to the Top of its uptrend channel formed off its 8 month base. Last week gainers have
S&P 500 filling the downside gap and rebounded last week, looking to test the all time highs in here.
NAS Comp: The NAS is trending higher, but needs volume now.
RUTX: The RUTX tested its 50-Day MA on the week and moved back up. Thursday it gap up, sold off, then rebounded. The on Friday added some more, now the RUTX looks Bullish in here.
Remember, always take what the market gives, and it is your money, so your responsibility.
The Bulls Vs The Bears
VIX: 12.64; -0.81
VXN: 15.86; -0.57
VXO: 11.19; -0.75
Put/Call Ratio (PCR) CBOE: 1.04; +0.10
The Bulls As The Bears: the Bulls advanced toward the Top of the range. Bears flat for the past several weeks.
The Bulls are at: 57.3 Vs 54.9 last
The Bears are at: 18.4 Vs 18.6 last
Support and Resistance
HeffX-LTN’s Major US Stock Market Indexes Technical Analysis for the Week Ending 17 August 2018
Have a terrific week