Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

Another big economic data week ahead.

The FOMC meets Tuesday and Wednesday, and is expected to raise rates 25 bpts at the meeting.

The other big econo news will be Existing Home Sales, Leading Economic Indicators, Durable Goods Orders, and New Home Sales.

And in this atmosphere we are seeing good patterns in leadership stocks that are testing to the Northside.

The major US stock market indexes recovered much of or all February losses. They rallied to
new highs, and are testing the moves.

The Big Q: Can they can use the consolidations to break higher, putting in new highs that hold.

Technically it looks this way: if not see the February come on with a fast fall to support at 24000, and there will be more good buys going forward and up again. In this market do not get complacent, it is volatile, and there is a lot of money to be made.

You can do all of the thinking you want, but the Key is plan your work and work your plan, execute and play the moves.

The volatility means opportunity, and the volume has picked up generously,

If there is a break higher, and then a pullback in the consolidation we will learn more about what to expect ahead. As well if there is a break higher and a sustained hold signalling the next leg up in this Trump Rally.

And always remember, tune out the Noise, do your work, as it is your money and your responsibility to take what the market gives.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 15.80; -0.79
VXN: 17.64; -0.81
VXO: 14.11; -0.62

Put/Call Ratio (PCR) CBOE: 0.96; +0.07

The Bulls Vs The Bears

The rally to new highs on NAS Comp and SOX 2 weeks ago brought the Bulls back in with a 6 pt+ spike.  The Bears rose just 0.2, as the market rallied.

The Bulls finished at: 54.9 Vs 48.6 last

The Bears finished at: 15.7 Vs 15.5 last.

 

Support and Resistance

Last Friday, the major US stock market indexes finished at: DJIA +72.85 at 24946.51, NAS Comp +0.25 at 7481.98, S&P 500 +4.68 at 2752.01

DJIA close: 24,946.51

Resistance

The 50-Day EMA: 25,000
25391 the 61% Fibo sell off retracement
25,521 from Feb 2018
25,800 from Feb 2018
26,000 from Jan 2018
26,439 from Jan 2018
26.617 the Jan 2018 all-time high

Support

24,719 1st support seen
24,654 2st 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:  2752.01

Resistance

2762 from Feb 2018
2789 from Feb 2018
2808 from Jan 2018
2850 from Jan 2018
2873 the Jan 2018 all-time high

Support

2675 the Dec 2017 high                                                                                                                                          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: 7481,09

Resistance

7506 the Jan 2018 all-time high

Support
7438 a Feb 2018 high                                                                                                                                            7400 from Jan 2018                                                                                                                                                7300 from Jan 2018                                                                                                                                              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.

The following two tabs change content below.

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.

You must be logged in to post comments :  
CONNECT WITH