$DIA, $SPY, $QQQ, $RUTX, $VXX
Friday’s action on Wall Street saw all indices but the NAS Comp (SOX) testing the 10-Day EMA with a Doji on the 3rd day of a rebound off the new lows marked last Tuesday.
The Big Q: How much Wall Street money is left to shovel in on the last day of the year?
The Big A: Monday, 31 December is a full day of trading we should see more buying, then new money coming in to start the New Year.
Remember, the indices are still down and this is a great buying opportunity near term.
So, we see more Northside on this move, 2 to 3 days, but have to be ready in the event that last Friday’s Doji marked the high point for the bounce.
This may be a relief move. There is damage done that has to be repaired no matter what caused it.
The market is rarely, if ever wrong, so we always take what the market gives.
That being the case, we believe that the rally has some Northside to go but are prepared if it does not. If Wall Street does not drive the indexes higher and sellers start to dominate then Southside plays are in order on the stall.
Not seeing new highs in the near term, long term, that is another story.
The Bulls Vs The Bears
VIX: 28.34; -1.62
VXN: 34.20; -0.17
VXO: 31.64; -2.35
Put/Call Ratio (PCR) CBOE: 0.78; -0.18
The Bulls, The Bears: Falling and rebounding to where they were 4 wks ago. This week we should see the Bulls fall and the Bears rise, converging marks not seen since Y 2016.
The Bulls are at: 39.3 Vs 45.5 last
The Bears are at: 21.4 Vs 20.4 last
Support and Resistance
HeffX-LTN technical outlook for the major US stock market indexes
Date Symbol Price Technical Analysis Support Resistance
28 Dec QQQ 152.97 Bearish (-0.30) NIL 54.94
28 Dec DIA 230.48 Bearish (-0.28) 223.60 233.89
28 Dec SPY 247.75 Bearish (-0.30) NIL 251.69
Have a Happy New Year!
Tags: DIA, SPY, QQQ, RUTX, bulls, bears, sentiment, support, resistance, market, prices, highs, technicals, outlook, stock, market, rally, relief, damage, repair, Wall, Street, commentary, near, term, money, doji,
Latest posts by Paul Ebeling (see all)
- President Trump Not Taking Action Against Fed Chairman Powell (Yet) - June 18, 2019
- US Wants an Enforceable Trade Deal with China - June 18, 2019
- Beginning Next Week ICE to Deport Millions of Illegal Aliens - June 18, 2019