Commentary: Paul Ebeling on Wall Street
$DIA, $SPY, $QQQ, $RUTX
The market’s focus this week
Then there is The Trump Administration’s feelings toward social media and WH talk of an executive order to refer FB and TWTR to the anti-Trust department of the DOJ.
But, more importantly are the stock and index patterns.
Again, new highs were marked last week for the DJIA and S&P500 as the smart money moved back in after 2.5 week consolidation, and now NAS Comp, S&P 400 and Russell 200o, growth indices have put in consolidations to support the big caps.
The Big Qs: Does the same rotation pattern continue, do they move up together, or does one side roll over to the benefit of the others?
The Big A: The leadership is trying to show up in support, energy, materials, telecom, and financials.
But, it would help the overall market if the NAS Comp’s big caps started higher; they trade on lots of exchanges, and they look like they can put in a new Northside leg after 3 weeks of testing.
So, we will look for new setups, and see if they make the breaks North.
Remember, it is your money, so your responsibility, and always take what the market gives.
The Bulls Vs The Bears
VIX: 11.68; -0.12
VXN: 16.84; +0.64
VXO: 10.89; +0.22
Put/Call Ratio (PCR) CBOE: 0.98; +0.09
The Bulls Vs The Bears: Bulls tapping 60.0, a mark that often leads to decliners. Bears are up a bit elevated and not moving higher in here.
The Bulls are at: 59.0 Vs 57.7 last
The Bears are at: 18.1 Vs 18.3 last
Support and Resistance
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week Ended 21 September 2018
Have a terrific week