Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street


Last week everybody that is anybody was away celebrating Thanksgiving, now they are back to their desks, that is if not stranded in a blizzard.

Looking back, here is some stirrings emerging from the small and mid-caps via chips, telecom, and some bio techs and techs, the recent leadership: food, drugs, personal products, utilities continued to test, but look very good and near support.

If they are going to continue their uptrends, this is the likely time they will launch.

We have some growth with interesting action but not bouncing, and the basics stocks that have seen support are set
up well to continue their uptrends.

There are positives for this week looking at many of the recent leaders testing support to pick up as they set up to bounce.

Black Friday thru Cyber Monday says that it will be a strong year, but the retailers suffered last week. Despite the stock market woes recently I believe it is in store to reverse in here.

If it does, we will play some of those with good patterns and and those up-trending leaders that spent the past week or so testing their Northside moves.  Also, looking at those with good RSIs (relative strength) and accompanying good patterns.

Pay attention now that the feasting and football are over for a while, as this market can reverse on a dime. It is your money, so it is your responsibility.

Notably, Barclays set a 3,000 target for the S&P 500 (SPY) for Y 2019, and have not come off of that prediction.

The Bulls Vs The Bears


Investor Sentiment

VIX: 21.52; +0.72
VXN: 27.93; +0.97
VXO: 23.76; +1.28

Put/Call Ratio (PCR) CBOE: 1.12; +0.04

The Bulls Vs The Bears

The Bulls are now below 40.00, and the Bears are at 19.8 headed for 20.0 the recent range top. Bears are reluctant to growl but Bulls are doing a lot of the work for them by dropping into the 30’s. This is getting closer to big bounce numbers.

The Bulls are at: 39.6 Vs 42.9 last

The Bears are at: 19.8 Vs 19.0 last

Support and Resistance

HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week Ended 23 November 2018

Date Symbol Price Technical Analysis Support Resistance
23 November 2018 QQQ 159.21 Bearish (-0.34) Nil 161.45
23 November 2018 DIA 242.81 Bearish (-0.31) 240.47 244.37
23 November 2018 SPY 263.25 Bearish (-0.41)  Nil 263.67

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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