$DIA, $SPY, $QQQ, $RUTX, $VXX
FLASH: Friday, the 3 major US stock market indexes move down to their 50-Day MA supports and bounced finishing near the highs of the day. The pattern looks Bullish to me.
That means buy some really good looking patterns, as the bounce up off the 5-session pullback, and let the Southside plays set up before they fall.
Should the Wall Street benchmarks continues North, then add positions when the opportunity happens and it expands from there. If the plays put in some good sessions up to the recent highs, then take some money off of the table, and have some downside plays ready on a stall if that happens.
But, what can happen from here is a serious move higher, and to new highs.
Pay attention, it is your money and so, your responsibility.
The Bulls Vs The Bears
VIX: 16.05; -0.54
VXN: 19.12; -0.47
VXO: 16.12; -0.98
Put/Call Ratio (PCR) CBOE: 0.97; -0.15
The Wall Street Bulls moved up into last weeks selloff. Confidence is high despite what you may hear from the talking heads. Advisers are Bullish even as some money is banked.
The Bulls are at: 52.9 Vs 52.4 last
The Bears are at: 20.6 Vs 20.4 last
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.