Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

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

  • DJIA higher, some testing leaders start to bounce back.
  • Chipmakers show many interesting Northside setups.
  • Fed Vice Chairman moves warm markets.
  • The market action has given up some good patterns, the Big Q: Will the break North into year’s end.

Today is Monday, the day after options expiration, and this one was a mixed expiration with  gainers, often an Northside options expiration is met with a weaker Monday.

Last week, sans Thursday any Northside action was met with selling. Thursday put a nice look on DJIA and SOX, and Friday they finished with DJIA seeing some of its recent leaders resume Northside moves after a test.

The Big Q: Where are the leaders?

Note: “A follow through is great in that it sets the stage for a rally. Then, of course, there has to be a rally, and  that only happens if there are stocks in good patterns to take the baton after the initial bounce pushed everything upside in relief. The up and
down action since then has helped build a few more patterns, and thus some decent prospects in chips, software, and even China stocks, ” as per 1 savvy analysts I read.

So, if last Thursday mean anything, if Friday’s follow through is to mean anything, then the ‘leaders’ have to contribute to a new move or the move fails and rolls over.

I am watching groups that can make the moves. If they come in together that would make for a good Santa Claus rally.

I am not predicting that rally yet, but are ready to play if the setups breakout.

Pay attention in here, it is your money, so it is your responsibility, do not fall into a football and food coma this week.

 

The Bulls Vs The Bears

Investor Sentiment

VIX: 18.14; -1.84
VXN: 24.38; -1.67
VXO: 19.94; -1.57

Put/Call Ratio (PCR) CBOE: 0.94; +0.09

The Bulls and The Bears: Bulls steady, Bears shrank.

Note: The Bulls have dove deep, and that is some Northside indicator.

The Bulls are at: 42.9 Vs 42.5 last

The Bears are at: 19.0 Vs 19.8 last

 

Support and Resistance

 

HeffX-LTN’s US Major Market Indexes Technical Analysis for the Week Ended 16 November 2018

Date Symbol Price Technical Analysis Support Resistance
16 November 2018 QQQ 167.5 Bearish (-0.27) 162.80 169.51
16 November 2018 DIA 254.05 Neutral (-0.21) 251.81 255.02
16 November 2018 SPY 273.73 Bearish (-0.35) 273.63 278.87

Have a Happy Thanksgiving Holiday 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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