Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

The leadership is leading the big moves on the indices with some to new highs, others attacking the near term resistance on the way to highs.

Explore the laggards with good patterns, they are getting the time they need to complete patterns and join the move North, giving it more breadth and taking the lead in here on Bull move.

The way this market is moving new stock will join daily as they up, then break North.

As this happens, then see RUTX, S&P 400 and Big Caps on the NYSE make new highs, as the leadership broadens, we will get to see many marking new highs.

You have to keep in mind that there will be dips along this move, as RUTX, S&P 400 still have potential ABCD Southside patterns, while S&P 500 and DJIA have mid-recovery double tops setups.

Monday we may see some give back as the major indexes run to the next resistances, and fade.

That would be OK as we can use that to get some better entries on stocks that started to break higher but we did not want to chase Friday.

On the other hand that may not happen and the momentum will turn those near them resistances into support as The Trump Rally extends.

This market has been and is very resilient, buying time, holding gains, letting patterns set up in the quick recovery.

Good news is not begetting strong Northside moves. And the President is full of good news, the kind of news that boosts sentiment and moves markets.

Expect to see some sidelined money shifts back in this week, as we let winners win,

Meantime, be on the alert for dip to put new money to work.

And remember, always take what the market gives, as it is your money and your responsibility.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 14.64; -1.90
VXN: 17.30; -1.96
VXO: 13.91; -2.22

Put/Call Ratio (PCR) CBOE: 0.81; -0.09

The Bulls and The Bears

There was drop in Bulls over the past several weeks, as the market started back
upside. Sentiment has been a contrary indicator in here.

The Bulls are at 48.6 Vs 48.1 last

The Bears are at 15.5 Vs 14.4 last

Support and Resistance

The Stats for a change, hitting my marks.

Friday’s action

S&P 500 47.60, 1.74%
NAS Comp 132.86, 1.79%
DJIA 440.53, 1.77%
SP400 1.64%
RUTX 1.60%
SOX 2.08%

DJIA
Stats: +440.53 points (+1.77%) to close at 25335.74

Resistance: 25,500 then 26,000

NAS Comp
Stats: +132.86 points (+1.79%) to close at 7560.81
Volume: 2.3-B (+1.32%)

Resistance: None

Up Volume: 1.61-B (+280M)
Down Volume: 662.82-M (-254.57M)

A/D and Hi/Lo: Advancers led 2.82 to 1
Previous Session: Advancers led 1.15 to 1

New Highs: 250 (+66)
New Lows: 16 (-10)

S&P
Stats: +47.60 points (+1.74%) to close at 2786.57
NYSE Volume: 812.332M (+6.20%)

Resistance: 28oo

A/D and Hi/Lo: Advancers led 2.75 to 1
Previous Session: Advancers led 1.37 to 1

New Highs: 132 (+29)
New Lows: 45 (+5)

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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