Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $RUTX, $VXX

  • Last Wednesday post election spike either stands on its own or platforms for a breakout.
  • PPI at a 6 year high with prices +2.9% Y-Y.
  • S&P 500, DJIA in excellent tests, NAS Comp work’in on it
  • This week we see new leaders come up to support last week and follow through.

There is plenty of news and some earnings: CPI, Retail Sales, PMI’s, and Industrial  Production, lots for investors and the Fed to consider.

Last wee we saw 2 sessions of testing Wednesday’s big move North

The Big Q: Will Thursday and Friday’s test move give way to a resumption of the Northside.

We are watching the leading patterns to lead, some are leading, others setting up, others bear looking at as possibilities to lead and will be ready if they make the break North.

Pay attention, this can be a great time of the year for buys and wins, it is your money and so your responsibility.

 

Bulls Vs Bears

Our Bull/Bear indicator is not perfect but we did accurately warn clients in late January and early February that an October sell-off was coming.

Overall, HeffX-LTN holds an optimistic view of this market, and our Y 2018 target for the S&P 500 remains 3,000, indicating a 8% gainer from last Friday’s close.

The Bulls dove from the low 60’s to the low 40’s.

The Bears are up and steady

This now gets at least interesting.

Bulls fell 6.2 pts, now well below 50, and now negative sentiment will ramp up. It is noteworthy that the market rebounded in the aftermath.

Bears made a significant move for the Bears.

The Bulls are at: 42.5 Vs 44.3 last

The Bears are at: 19.8 Vs 19.8 last

Investor Sentiment

VIX: 17.36; +0.64
VXN: 24.27; +1.41
VXO: 18.09; +1.18

Put/Call Ratio (PCR) CBOE : 1.11; +0.14

 

Support and Resistance

HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Weekended 9 November 2018

Date Symbol Price Technical Analysis Support Resistance
Nov-09-2018 QQQ 171.52 Bearish (-0.40) 169.56 171.84
Nov-09-2018 DIA 260.09 Neutral (0.18) 258.37 261.33
Nov-09-2018 SPY 277.76 Neutral (-0.19) 277.30 281.90

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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