Commentary: Paul Ebeling on Wall Street

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

As earnings season comes to a close investors look down the line.

The US major stock market indexes tested the top of the range faded, then started North again Friday as new money flowed in. The market remains at the inflection point and will breakout or move back down to test again.

No sellers have emerged in here.

Many Key sectors are forming some good patterns and some good moves North. The bias for now with the patterns and the ongoing move is Bullish

Without sellers it is hard for the market to decline far

The buyers can back off, pull their bids and wait for a better entry, but that is not selling. That is just a pause to set up more to the Northside. That is what I saw last week.

With that set up, there are several very solid upside plays at various marks in their moves.

All are in position to make money. So, if the indexes continue Friday’s move we will look at more positions and see look for the breakout. 

That said, there is more Northside now, meaning to continue play until breakouts North start reversing. 

Pay attention, it is your money and your responsibility.

The Bulls Vs The Bears

Sentiment Indicators

VIX: 13.57; -1.21 
VXN: 16.12; -1.05 
VXO: 12.88; -1.63 

Put/Call Ratio (PCR) CBOE: 0.91; -0.05

The Bulls Vs The Bears

Bulls recover, Bears decline after crossing in late Y 2018.

The Bulls are at: 52.4 Vs 51.9 last

The Bears are at: 20.4 Vs 20.7 

Support and Resistance

HeffX-LTN’s overall technical support and resistance outlook for the major US stock market indexes is Bullish.

Have a terrific week.

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Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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