$DIA, $SPY, $QQQ, $RUTX
Earnings started and Wall Street likes what it sees, the bias is Bullish and the Fed is hobbled by President Trump.
Earnings this week include: C, GS, BAC, JNJ, NFLX, IBM, TEAM and many others.
So, am looking for a continuing move North on the general positive bias, expectations of a solid US-China trade deal, and a good reception by Wall Street to earnings reports
That means this: play that move North, as that Friday break out tells us on the run up to the September/October highs. Once there watch for sellers come in and sell the leaders on high volume. If they are not there, the Bull run will continue North, then consolidate higher.
Classic Wall Street action, as we saw happen last week, as the talking heads preoccupied with an selloff were decapitated Friday,
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, so your responsibility and always take what the market gives.
The Bulls Vs The Bears
VIX: 12.01; -1.01
VXN: 15.63; -1.03
VXO: 11.74; -1.04
Put/Call Ratio (PCR) CBOE: 0.74; -0.25
Bulls rose as the Bears faded on the week
The Bulls are at: 53.9 Vs 53.4 last
The Bears are at: 19.2 Vs 19.4 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