Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

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

FLASH: Last week we saw the best market week YTD

This is another important week on Wall Street, after last week of released negativity, we will see how much power is left.

The pattern suggest a roll over in here, but the Fed could/can/will change that.

Expect Fed speakers to bolster the Chairman’s dovishness, and will it be enough to drive stocks North again this week and break through the patterns resistances 

If there is reversal at the Key resistances that means to put on some Southside play, be ready as the market’s bias is still to the Southside even with last week’s strong run up.

The Key support marks: S&P 500 at 2800, and NAS Comp at 7650, if there is a drop and those marks hold, that signals that there is more recovery on the cards. And Wall Street will start paying the Northside in earnest. And why not the Fed put is in again.

Remember, it is your money so, your responsibility, pay attention.

The Bulls Vs The Bears

Sentiment Indicators

VIX: 16.30; +0.37 
VXN: 19.93; -0.39 
VXO: 17.39; +0.40 

Put/Call Ratio (PCR) CBOE: 0.79; -0.06 

The Bulls Vs The Bears 

The Bulls dropped over 6 pts, while Bears jumped 1.2 pts.

The Bulls are at: 42.7 Vs 49.0 last

The Bears are at: 18.5 Vs 17.3 last

Support and Resistance

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

Have a terrific week

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