Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

As expected the Fed hiked interest rates as expected.

Much more data to come this week, including: Housing starts, Existing Home Sales,
GDP third, Philly Fed, Leading indicators, Personal income and spending,
Durable Goods Orders, New Homes, Michigan Sentiment.

Overall, the US economic data is up, and trending up.

The big event this week will be the tax reform vote set for Wednesday, 20 December, and last Friday’s rally built on enough Yes votes to pass and send to President Trump’s desk before Christmas.

With the move Friday and based upon my belief the tax bill passes most new plays are to the Northside.

This market may be extended or on the last move higher in these runs, but there are some down plays setting up to reverse and turn off of their lows

So, as always let the good positions continue working and watch for the money moving to new plays aka “Always take what the Market gives”.

Remember, it is your money and your responsibility.

The Bulls Vs The Bears

Sentiment Indicators

VIX: 9.42; -1.07
VXN: 11.88; -0.51
VXO: 7.88; -0.81

Put/Call Ratio (PCR) CBOE: 0.97; +0.17

The Bulls Vs The Bears

The Bulls still look overly optimistic, and of course the surge Friday will bring them around again to the Northside. This is a warning indication, not a great timer.

The Bulls are at 61.9 Vs 64.2 last

The Bears are at 15.2 Vs 15.1 last

 

Support and Resistance

DJIA close: 24,651.74

Resistance

None

Support
24,255 1st support seen
The 20-Day EMA: 24,136
23,602 the Nov 2017 high
23,608 a Nov 2017 high
The 50-Day EMA: 23,608
22,420 the Sept 2017 high
22,179 the Aug 2017 high
22,086 a Aug 2017 high
The 200-Day SMA: 21,935

 

S&P 500 close: 2675.81

Resistance

None

Support
The 20-Day EMA: 2634
2597 the Nov 2017 high
The 50-Day EMA: 2596
2549 the upper channel line from the 9 March 2009 uptrend channel
2491 the Aug 2017 high
2480 a Aug 2017 high
The 200-Day SMA: 2468

 

NAS Comp close: 6936.58

Resistance

None

Support
6914 the Nov 2017 high
6796 a Nov 2017 high
The 50-Day EMA: 6737
6641 the Oct 2017 high
6589 the Y 2016 trendline
6477 the Sept 2017 high
6461 the Jul 2017 high
6450 the Sept 2017 high
6341.70 the Jun 2017 high.
The 200-Day SMA: 6320

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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