Commentary: Paul Ebeling on Wall Street
$DIA, $SPY, $QQQ, $VXX
Earnings season is in full swing now, and ramps up with FAANG’s GOOG (23 April atm), AMZN (26 April atm).
Many others are scheduled to report too, The Bulls are looking for these leadership stocks to trigger a new leg North.
There are lots of good patterns formed up to drive the market North
That being the case, look at more positions as the market heads up on the back of the myraid of good patterns.
Crude Oil, big leaders and, reliable retail, this move is still in relief bounce mode, and while it is there is good money to be made, we will know soon if it holds or fades at the old highs.
Should it hold it can move higher as there are lots of really good patterns.
If the semis dropping out not good a good sign, watch for a SOX rally off Fibo double
bottom. That happens, then super, we will see, Yes?
The Bulls Vs The Bears
VIX: 16.88; +0.92
VXN: 21.63; +1.47
VXO: 16.72; +1.46
Put/Call Ratio (PCR) CBOE: 0.98; +0.01
The Bulls and The Bears
The Bulls rose a bit, while The Bears continued to rise. That is significant because The Bears have been so low for too long.
The Bulls are at 43.6 Vs 42.2 last
The Bears are at 19.8 Vs 18.6 last
Support and Resistance
We have the indexes test to Key support, and now see it running up to and perhaps through the 50-Day MAs, a clear break and hold above them will be Very Bullish for this market now..
HeffX-LTN’s Market Major US Stock Market Indexes Technical Analysis
Have a terrific week