Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street


There will be some give back to start this week after such a strong move to close out the post-Brexit as the market is very overbought, but the momentum indicators are strong, new highs for S&P 500 and DJIA may happen early, the move has backing.

If it Wall Street continues on the Bull path good patterns will develop to the Northside.

The US Fed continues playing a Key roll: will it or will it not raise rates and when?

Then there is the Brexit Question, will the elites decide The People are dopes and do not  know what is good for them, rolling it back? We learned at the week that will not happen.

The market can still top out with the huge post-QE Rounded Top, but the Wall Street indices, as pointed out in the charts, are trying hard to set up a new Northside move aided by the Fed.

So, as long as good patterns set up and break North, it makes sense to be in the action.

Always, take what Wall Street gives, do not over think it.

The Bulls Vs The Bears



Sentiment Indicators

VIX: 13.2; -1.56
VXN: 15.74; -1.54
VXO: 12.35; -1.84

Put/Call Ratio (BCR) CBOE: 0.73; -0.13,  2 straight readings below 1.0, 14 of 18 over 1.0, 14 of the last 30 below 1.0. 34 of 50 over 1.0. Overall very nervous Wall Street action.

Bulls and Bears: Massive drop in Bulls immediately  countered by the recovery, in flux now.

The Bulls are at 47.1 Vs 41.6 last.

The Bears are at 24.5 Vs 23.8, Bears are not buying Wall Street’s Bullishness


Support and Resistance


DJIA close: 18,147.40

18,168 the Apr 2016 high
18,288 a Mar 2015 mark
18,351 the May 2015 all-time high

18,181: the Jul 2015 high
18,016 the Jun 2016 high
17,978 the Nov 2015 high
The 50-Day EMA: 17,731
17,600 the bottom Apr-Jun 2016 range.
17,351 the Sept 2014 high.
The 200-Day SMA: 17,293


S&P 500 close: 2129.90

2130 the Jun 2015 high
2135 the May 2015 all-time high

2126 the Apr 2015 high
2120 the Jun 2016 peak
2119 the Feb 2015 high
2116 the Nov 2015 high
2111 the Apr 2016 high
2104 the Dec 2015 high
2094 the Dec 2014 high
2079 the Nov 2014
The 50-Day EMA at 2076


NAS Comp close: 4956.76

4960 the Sept 2015 high
4969 the Apr 2016 high
4980 the Jun 2016 high
4999 the Oct 2015 upper Gap mark
5007 the 31 Dec upper Gap mark
5009 a Mar 2015 high
5042 the Mar 2015 high
5176 is the Dec 2015 intra-day high

4920 the Jan 2016 lower Gap mark
4916 a Nov 2015 low
4902 the Jul 2015 low
4894 the Sept 2015 high
4836 the Mar 2016 high
The 50-Day SMA at 4827
The 200 Day SMA at 4818

Have a terrific week.

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