Commentary: Paul Ebeling On Wall Street

Posted by: : Paul EbelingPosted on: January 26, 2015 Commentary: Paul Ebeling On Wall Street

Commentary: Paul Ebeling On Wall Street

There is a lot of economic data for Wall Street to digest this week, including. durable goods, consumer confidence, new home sales, FOMC rate decision, GDP Q-4, and the Chicago PMI.

The US stock indices are well off their highs, the patterns look toppy in here. Last Thursday they made a move and could not hold it, Wall Street was not convinced. The indices are testing the move, they have to hold of support, form up the new patterns and make another run at the highs.

If that happen the Big Q remains: can they breakout to higher highs out of these toppy patterns.

The SOX and S&P 400 do not have the same problems, they could lead the charge and maybe there others will follow.

Overall, the market has to prove to Wall Street participants it can make and hold such a move North. If Wall Street stock earnings reports come in good or better, the plays that are set up could work well as the market recovers from its pre-earnings pull back.

So, watch to if the major market indices can hold Friday’s test, and then start back North, playing the patterns as they bounce in the near term.

If the action improves we let them run, if they run into trouble after the S&P 500 bounce and cannot hold the test, then expect more to the Southside during the week.

Pay attention, the name of this game is to make money, be nimble. It is dicey in here.

Have a terrific week.

Paul Ebeling


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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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