Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

Last week the US Fed’s standing pat with a “Hawkish” tone sent the US benchmarks indexes South

Now this week Wall Street investor gets some Fed-speak meaning “jawboning” from Vice Chairman Fischer and then for Schoolmarm Yellen who will speak to the US Congress. And expect some more official Fed public speakers too.

Also, there is lots of economic data coming for Wall Street to digest this week.

Last Friday some stocks took some serious hits to their recent gainers. meaning pulback-to-correction looming, or maybe just a dip buying opp.

With the US Fed in the market. the Key supports should hold and resume the move North. If that does not happen, then the market has hit its patience mark with the Fed’s just doing nothing.

If the market does roll over, lots of participants believe that the Fed and other major central banks will step in as they did in
February.

Standing ready for the DJIA to test at 17,900 in here.

Despite all of the Northside Fed happiness, there are issues in the economy, market, and well, the list is long and depressing on the issues facing the nation.

Overall, the US major stock market indexed are in uptrends. There is still leadership, and there  are still good stocks forming good patterns and moving higher as money rotates through the sectors.

That being the case participants will want to take advantage of  the trend and those stocks as they continue to work.

Remember, always take what the market gives, there will always be a trade and cash is an asset.

 

The Bulls Vs The Bears

bulls-and-bears-thestockradio

Sentiment Indicators
VIX: 12.29; +0.27
VXN: 13.98; +0.32
VXO: 12.24; +0.4

Put/Call Ratio (PCR) CBOE: 1.05; +0.08, 11 (eleven) 1.0+ readings in 4 weeks, 7 of the last 12 sessions over 1.0.

The Bulls fell, and Bears rose as market dove.

The Bulls are at 44.6 Vs 49.0 last

The Bears are at 24.3 Vs 22.6 last

 

Support and Resistance

 

support-resistance-basics

DJIA close: 18,285.92

Resistance
18,288 the Mar 2015 high
18,351 the May 2015 high
The 50-Day SMA: 18,431
18,595 the Jul 2016 high
18,669 the Aug 2016 all-time high

Support
18,247 the Aug 2016 low
18,168 the Apr 2016 high
18,100 from Dec 2014
18,016 the Jun 2016 high
17,978 the Nov 2015 high
17,600 the Jun 2016 range bottom.
The 200-Day SMA: 17,589

 

S&P 500 close: 2164.69

Resistance
2175 the Jun 2016 high
2194 the Aug 2016 all-time high

Support
The 50-Day EMA: 2154
2135 the May 2015 high
2130 the Jun 2015 high
2126 the Apr 2015 high
2120 the Jun 2016 high
2119 the Feb 2015 high
2116 the Nov 2015 high
2111 the Apr 2016 high
2104 the Dec 2015 high
2094 the Dec 2014 high
2079 the Nov 2014 high
2062 a Jan 2015 high
The 200-Day SMA: 2060

 

NAS Comp close: 5305.75

Resistance

NIL

Support
5288 the Sept 2016 high
5271 the Aug 2016 high
5232 the 2015 high
The 50-Day EMA: 5175
5162 a Nov 2015 high
5100 a May 2016 high
5042 the Mar 2015 high
5009 the March 2015 high
4980 the Jun 2016 high
4969 the Apr 2016 high
4960 the Sept 2015 high
4920 the Jan 2016 lower Gap mark
4916 a Nov 2015 low
4902 the Jul 2015 low
4894 the Sept 2015 high
The 200-Day SMA: 4881

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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