Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

This is a big week for earnings, and last week earnings certainly aided the market action, as a lot of  stocks that were set to move make their breaks North

There were some big names in chips, software, even drugs were positive, so let positions run, pick up new ones as you see them ready up.

That is Bullish, and some say worrisome, but the market keeps rotating finding new leadership, and bring back the old leaders.

So, that keeps us looking for Northside plays, along with some Southside ones in the sectors that were leading, but rotated and are in the process of testing Key support.

None of the geopolitical news at the weekend will make any difference to this market.

There is lots of Bullishness now.

Notably all of the big money managers that said they were out of the market because it was ready
to crash are being forced back into the market.

Those sidelined billions are now helping to drive this market further North.

Remember my mantra: always take what the market gives, and never stand in front of a moving train,

It is you money and therefore your responsibility to pay attention.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 9.14; -0.79
VXN: 13.90; -0.80
VXO: 8.09; -0.69

Put/Call Ratio (PCR) CBOE: 0.94; +0.07

The Bulls Vs The Bears

Notably the Bulls continue rising for the 4th week running over 60.0 and the Bears fall to lows not seen since Y’s 2014 and 2015.

In the past 60+ has been a cap’r on  market rises, but does not augur and immediate cause and effect.  It can mark those high marks hit, but the market can continue to rally for some time.

I remain Bullish, but cautious in here.

The Bulls are at 63.5 Vs 62.3 last

The Bears are at 14.4 Vs 15.1 last

 

Support and Resistance

DJIA close: 23,539.19

Resistance

None

Support
The 10-Day EMA: 23,384
The 50-Day EMA: 22,736
22,420 the Sept 2017 high
22,179 the Aug 2017 high
22,086 an Aug 2017 high
21,681 the Jul 2017 high
21,638 a Jul 2017 high
21,529 the Jun 2017 high
The 200-Day SMA: 21,338

 

S&P 500 close: 2587.84

Resistance

None

Support
The 20-Day EMA: 2563
2531 the upper channel line from the 9 March 2009 uptrend channel
The 50-Day EMA: 2530
2491 the Aug 2017 high
2480 a Aug 2017 high
2453 the Jun 2017 high
The 200-Day SMA: 2426

 

NAS Comp close: 6754.44

Resistance

None

Support
6641 the Oct 2017 high
The 20-Day EMA: 6637
The 50-Day EMA: 6534
6477 the Sept 2017 high
6461 the Jul 2017 high
6450 a Sept 2017 high
6446 the Y 2016 trendline
63412 the Jun 2017 high
6300 a Jun 2017 high
6205 the May 2017 high
The 200-Day SMA: 6164

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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