Commentary: Paul Ebeling on Wall Street
$DIA, $SPY, $QQQ, $VXX
Earnings, GDP numbers, Fed, BOJ and ECB decisions, NFPs report all out. Wall Street ignored most of it for a few weeks, got nervous traded down and saw some light, ran North and broke out on low volume Friday. And by the way the US job situation report was not great, though it was lauded by the media pundits.
The Big Q: Can this run continue North?
The Big A: We wait, we will see.
As I write this commentary at 1:45a EDT Monday, 8 August all 3 major US stock index futures are trading flat with a Bullish bias.
Last week the leadership struggled, but there is some power to move the market North. If the financial continue to join the others, that will help the S&P 500 to mark new highs.
We have to watch Monday to see if there is a reversal repudiating Friday’s move.
Volume has not been great, the breadth, well it was OK but not wonderful. There are smart, respected Wall Street experts are calling for a market selloff.
But for now there is still some leadership and that means to looking for Northside setups ready to move up on a continuing breakout.
So, far it does no look like it wants to stop, so continue playing it, till it signals Stop.
Remember, always take what the market gives
The Bulls Vs The Bears
VIX: 11.39; -1.03
VXN: 13.77; -0.7
VXO: 10.56; -1.25
Put/Call Ratio (PCR) CBOE: 0.92; -0.01, 17 of 20 below 1.0, 17 of last 37 over 1.0.
The Bulls are at 52.9 Vs 53.9 last
The Bears are at 21.2 Vs 21.6 last
Support and Resistance
DJIA close: 18,543.53
18,595 the Jul 2016 high
18,351 the May 2015 all-time high
18,288 from Mar 2015
18,168 the Apr 2016 high
The 50-Day EMA: 18,127
18,181 the Jul 2015 high
18,016 the Jun 2016 high
17,978 the Nov 2015 high
17,600 the bottom of the Apr to Jun 2016 trading range.
The 200-Day SMA at 17,466
S&P 500: Closed at 2182.87
2175 the Jun 2016 high
2135 the May 2015 high
2130 the Jun 2015 high
2126 the Apr 2015 high
The 50-Day EMA: 2125
2120 the Jun 2016 high
2119 the Feb 2015 high
2116 the Nov 2015 high
2111 the Apr 2016 high
NAS Comp close: 5221.12
5232 the 2015 all-time high
5162 the Dec 2015 high
The 10-Day EMA: 5150
5100 a May 2016 high
5042 is the March 2015 high
5009 a Mar 2015 high
4999 the Oct 2015 upper Gap point
The 50-Day EMA: 4987
Have a terrific week