$DJIA, $SPY, $QQQ, $RUTX, ,$VXX
The US major stock market will start the week testing the bottom of the range formed with by the selling that began in October.
The patterns and technical indicators suggest a move from where the major indexes closed Friday back up to the November highs.
After a reversal off the trading range lows Thursday stocks fell back to the bottom of the range.
The range is there but the indexes are not surging off the lows given the volume of the trade, as the Treasury’s yield curve looks do not appear to have a resolution even though no recession seen as imminent.
There are individual Northside plays that are holding support. So, if the major indexes bounce, they will too.
There are more Northside plays on leaders that have tested, while maintaining their trends, as well as Southside plays ready, if the bottom of the range does not hold in here.
The uncertainty in Key areas the market has us trading the range, as the best possible Northside result, if not we play the Southside.
Remember, focus in here and always take what the market gives.
The Bulls Vs The Bears
VIX: 23.23; +2.04
VXN: 28.03; +2.06
VXO: 27.13; +3.60
Put/Call Ratio (PCR) CBOE: 1.17; +0.09
Bulls and Bears: The Bulls spikes over 8 pts. The trend is lower, the Bears continued higher, marking the Y 2018 high. That is a positive longer term. Bears have been sleeping for over 2 years.
The Bulls are at: 46.7 Vs 38.3 last
The Bears are at: 21.5 Vs 20.6 last
Support and Resistance
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week Ended 7 December 2018
|Date Symbol Price Technical Analysis Support & Resistance|
7 December QQQ 161.38 Bearish (-0.38) 158.37 – 162.80
7 December DIA 244.31 Bearish (-0.31) 242.81 – 244.44
7 December SPY 263.57 Bearish (-0.30) 263.43 – 269.96
Have a terrific week