Commentary: Paul Ebeling on Wall Street + DC Monday

Commentary: Paul Ebeling on Wall Street + DC Monday

Commentary: Paul Ebeling on Wall Street + DC Monday

$DIA, $SPY, $QQQ, $VXX

Big Deal…there was no market reaction to the Mueller story leaked to CNN Friday. Maybe Robert Mueller will be indicted, he was not.

Paul Manafort and Rick Gates were, they surrendered voluntarily, were processed, arraigned, surrendered their passports, posted bonds, and when home to continue to prepare their defenses.

Also, Monday, Tony Podesta stepped down from the lobbying firm that bears his name as a result of an investigation by special counsel Robert Mueller.

Tony Podesta, described as a “Democratic power lobbyist,” is the founder of the Podesta Group. He announced he was leaving during a Monday meeting.

He also told staff members he “doesn’t intend to go quietly, or learn how to play golf.” Mr. Podesta said he “needs to fight this as an individual, but doesn’t want the firm to fight it.”

The investigation into Mr. Podesta and his firm is the result of investigators looking at former Trump campaign chairman Paul Manafort’s finances. The Podesta Group was one of several companies paid to work on a PR campaign organized by Manafort to promote Ukraine in the US.

You know Tony Podesta as the brother of Hillary R. Clinton’s presidential campaign manager.

Monday’s 1st Big Story is Personal Income and Spending to come out ahead of the open.

Friday’s action was limited to big stocks that announced earnings.

The Big Q: Was enough to keep the rally going, to keep new money chasing the large caps, and continue into stocks that patterned indicate turning the corner for the next move higher?

On a continuation of The Trump Rally there are stocks that have based and broken out, and some more set up to turn to the Northside.

Should the managed money stay in the market and allocate more of the vast amount of sidelined cash to equities, then be ready to make the plays and move up with them as they turn and rally.

Expecting Wall Street buying on dips to continue.

Always pay attention, take what the market gives, be prudent at these all-time high marks.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 9.80; -1.50
VXN: 14.30; -1.52
VXO: 8.27; -1.05

Put/Call Ratio (PCR) CBOE: 0.88; +0.01

The Bulls Vs The Bears

This is the 3rd week running over 60 for The Bulls as hover at the Top of the sentiment range that historically check rallies.

This indicator tell us that every time the 60 mark is hit and holds consistently there is a selloff in sight.

Note: Wall Street sentiment has spent a good deal of time in Y 2017 at 50 or above.

The Bulls are at 62.3 Vs 60.0 last

The Bears are at 15.1 Vs 15.2 last

 

Support and Resistance

DJIA Close: 23,434.19

Resistance

None

Support
The 10-Day EMA: 23,246
The 50 Day EMA: 22,579
22,420 the Sept 2017 high
22,179 the Aug 2017 high
22,086 a 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 Closed: 2581.07

Resistance

None

Support
The 20-Day EMA: 2552
2525 the upper channel line from the 9 March 2009 uptrend channel
The 50-Day EMA: 2520
2491 the Aug 2017 high
2480 a Aug 2017 high
2453 the Jun 2017 high
The 200-Day SMA: 2418

 

NAS Comp close: 6701.26

Resistance

None

Support
The 20-Day EMA: 6578
6477 the Sept 2017 high
6461 the Jul 2017 high
6450 the Sept 2017 high
The 50-Day EMA: 6492
6418 the Y 2016 trendline
6342 the Jun 2017 high
6300 a Jun 2017 high
6205 the May 2017 high
The 200 day SMA at 6135

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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