Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street


Looking at the major US stock market indexes technically

Last week we saw break North off of support in the patterns or at the trend-lines.

Volume just OK, good breadth on the move.

Let’s see if  they can hold the moves.

DJIA marked a doji Thursday at the 200-Day SMA followed by a break higher Friday. DIA is still below the 50-Day MA at 24,500 and the upper trendline in its triangle at 24,450.

Look for strong volume on the breakout.

S&P 500’s triangle was getting to the mark where it would show its break North or South. The doji reversal Thursday gave us a solid break North, and rally Friday to the 50-Day EMA, thus puts it about 50% up the upper trendline in the 3 month triangle.

Volume is needed because on last Thursday and Friday it was just OK, as the move started.

On the breakout at 2700 SPY  really needs to show us strong volume

NAS Comp bounced off the trendline from early 2016 after the Thursday doji at the mark on good volume. Made it to the 50-Day SMA, closing over the mark, it held the trendline as it did 2 weeks ago, bouncing again.

Now NAS Comp must put distance up the trendline an continue the Bull leg.

Pay attention in here, and remember it is your money, so your responsibility.

The Bulls Vs The Bears

Sentiment Indicators

VIX: 14.77; -1.13
VXN: 18.41; -1.24
VXO: 15.26; -1.24

Put/Call Ratio (PCR) CBOE: 0.96; -0.06

The Bulls bounced 4.5 points after a sharp decliner.

The Bears were lower, but held the bounce into the 19’s.

The Bulls are at: 48.0 Vs 43.6 last

The Bears are at: 19.6 Vs 19.8 last


Support and Resistance

HeffX-LTN’s Major US Stock Market Indexes Technical Analysis for the Week ended 4 May 2018

Date Symbol Price Technical Analysis Support Resistance
 4 May 2018 QQQ 164.87 Neutral (0.10) 162.30 166.33
4 May 2018 DIA 242.52 Neutral (-0.11) 238.32 242.52
4 May 2018 SPY 266.02 Neutral (-0.02) 265.61 268.45

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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