Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $RUTX, $C, $GS, $JPM, $MS

FLASH: So far over 75% of the S&P 500 have reported earnings, and Wall Street traders and investors are seen buying out of favor stock with patterns that are setting up to breakout.

Notes: I like the Financials, as they will lead the next leg of this Bull market North: Banks continued consolidating the breaks North. And some started North Friday such as JPM and C. MA and V are testing after their good runs. MS is holding its gains. GS looks as if it might try a break over the 200-Day SMA. 

Now, with the indices bumping up against resistance we look for extremes in trading action.

Earnings continue

The big econ news will be the PPI and CPI, and any Fed-speak where governors will try to mitigate Chairman Powell’s PC comments. 

As the market dips, Wall Street traders and investors will buy again.

I am looking at more to the Northside, as there are lots of good setups, and if NAS Comp leads S&P 500 on a breakout to higher highs there will be good entries off these setups.

OK, some sellers did enter last week, so early week will be important, will they show again? If they do show up then the market is not ready for new highs and needs to consolidate more. 

Pay attention and always take what the market gives.

The Bulls Vs The Bears

Sentiment Indicators

VIX: 12.87; -1.55
VXN: 15.98; -1.64 
VXO: 12.65; -1.51 

Put/Call Ratio (PCR) CBOE: 0.77; -0.16

The Bulls Vs The Bears: Bulls rising, Bears falling ting that the market turned to a more positive POV.

Indicator level: Green

The Bulls are at: 56.4 Vs 53.4 last

The Bears are at: 17.8 Vs 18.4 lasst

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.

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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.

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