Commentary: Paul Ebeling on Wall Street

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

FLASH: Last Monday was the start of a new Month, a new Quarter, and new Money came in driving the S&P 500 North for 8 days running into Friday on a strong NFPs report, for what looks to be an extension into this week, with the indexes marking and/or approaching new highs.

As of last weeks Wall Street action many well-positioned leaders broke out, and new issues set up to follow. Some started North last Friday, and are likely to continue this week.

This week comes lots economic data Wall Street investors: Factory Orders, CPI, FOMC mins. Plus, earnings season is here.

There is lots for the market to focus on, as it maintains a steady Northside bias. The yield curve inversion selling was a test, but the bids returned on the anomaly; stocks fell, heald support, then recovered.

Rotation occurred last week wilt some old economy leaders starting to perform or show good setups of Northside breakouts.

Watching: Energy, materials, machinery, manufacturing and food, as well as the semiconductors,

And again, some of these older big names in tech are performing. We will continue looking at those + some energy and more bio-techs to catch good moves as they break.

We are playing the the Northside move as long as it lasts and then see how the market reacts to the Key resistance overhead.

Remember, pay attention, it is your money, do your responsibility and always take what the market gives.

The Bulls Vs The Bears

Sentiment Indicators

VIX: 12.82; -0.76 
VXN: 16.17; -0.62 
VXO: 12.23; -1.25 

Put/Call Ratio (PCR) CBOE: 0.82; +0.01

After a pause to refresh the Wall Street Bulls starting back up, as the Bears fall back again..

The Bulls are at: 53.4 Vs 52.0 last

The Bears are at: 19.4 Vs 20.6 last

Support and Resistance

HeffX-LTN’s overall technical outlook for the major US stock market from the support and resistance perspective is Bullish to Very Bullish in here.

Have a terrific week

The following two tabs change content below.

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.

You must be logged in to post comments :  
CONNECT WITH