Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

The US major stock market indexes broke higher to new highs once again to close the week Friday.

The breakout that was rejected at the top of the range, now another run at a breakout.

The Big Q:  Will there be a 2nd rejection?

The Big A: We wait, we see how the leaders hold up.

Am looking at good Northside plays as well as good Southside plays, their are set ups for both Actions.

Notably, there are very few sellers on Wall Street in here. Thus, the Northside bias continues holding in spite of any perceived macro challenges.

Remember, always take what the market gives, the name of this Wall Street game is to make money.

 

The Bulls Vs The Bears

 

Sentiment Indicators

VIX: 10.85; -0.03
VXN: 12.31; -0.34
VXO: 10.41; +0.01

Put/Call Ratio (PCR) CBOE: 0.98; +0.05. This is a very high PC as the market breaks higher, seeing the closing of Southside positions Vs buying
protection. A market breakout brings that kind of action.

The Bulls Vs The Bears

Note: The Bulls hit another cycle high, making it 4 of 6 weeks above 60.0. The Bears fell.

The Bulls are at 62.7 Vs 61.8 last

The Bears are at 16.7 Vs 17.6 last

 

Support and Resistance

 

DJIA close: 20,269.37

Resistance

None

Support
20,126 the Jan 2017 high
19,999 a Jan 2017 high
The 50-Day SMA: 19,835
19750 the Jan 2017 low
The 50-Day EMA: 19,735
18,669 the Aug 2016 high
18,595 the Jul 2016 high
The 200-Day SMA: 18,604

 

S&P 500 close: 2316.10

Resistance

None

Support
2301 a Jan 2017 high
2291 the Y 2016 trendline
2282 from Jan 2017
2278 the Dec 2016 high
The 50-Day SMA: 2265
The 50 -Day EMA: 2261
2213 the Nov 2016 high
2194 the Aug 2016 high
2175 the Jun 2016 high
The 200-Day SMA: 2166

 

NAS Comp close: 5734.13

Resistance

None

Support
5601 the Jan lower gap mark
5542 the Y 2016 trendline
The 50-Day EMA: 5530
The 50-Day SMA: 5513
5404  the Nov 201 high
5340 the Oct 2016 high
5288  the Sept 2016 high
5271 the Aug 2016 high
5232 the Y 2015 high
The 200-Day SMA: 5195

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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