$DIA, $SPY, $QQQ, $RUTX, $VXX
Once again, the US stock market was primed to rebound, it rebounded into the shortened holiday week, there is plenty of money still on Wall Street’s sidelines.
The 3rd leg is happenig with SOX, and the NAS Comp. The other indices are moving up off their tests with the semis leading. This a good Northside signal.
But, the Key for this week is will the NYSE follow.
Notably, the S&P 400 and RUTX made very good moves Friday. The S&P 500 and DJIA moves were not bad, more is needed as they come out of the sharp selloff.
There are still leaders that can push the 3rd leg higher. Software is solid and not all have broken higher yet. Financials are also there, machinery/manufacturing too.
So far the Northside continues to win on the recovery in spite of the domestic and global headwinds. The move is resilience, so we let positions run and pick up new positions as the patterns paint the positive pictures.
Remember, pay attention, it is your money and your responsibility.
The Bulls Vs The Bears
VIX: 17.42; -1.47
VXN: 21.78; -1.71
VXO: 18.25; -1.13
Put/Call Ratio (PCR) CBOE: 0.75; -0.23
The Bulls and The Bears
Bulls back to the mid-40’s with Bears back to low-20’s. The market moved up, is testing, let’s see where it goes now.
The Bulls are at: 45.4 Vs 42.1 last
The Bears are at: 21.3 Vs 25.2 last
Support and Resistance
HeffX-LTN overall technical outlook for the major US stock market indexes is Neutral to Bullish.
Have a terrific week.