Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

Last week started strong, ended strong, the bids were there on the dip and the indexes recovered holding the trends and looking higher.

The US market started to see some leaders struggle: materials, metals, industrial equipment, and some chips. If leaders cannot hold the line and those struggling roll over, The Trump Rally stall and pause to refresh.

That said, the trends are still in place. There are lots of leading  stocks holding up well and more setting up or Northside moves. So, despite
the issues in the struggling leaders, others look ready to step into their place on the money’s rotation,

Should the new stocks not be able to break North and if those hanging on fall, The Trump Rally will see a deeper test, not a bad thing.

Remember, always take what the market gives, the name of this Wall Street game is to make money.

 

The Bulls Vs The Bears

 

Sentiment

VIX: 11.47; -0.24
VXN: 12.75; -0.54
VXO: 10.65; -0.07

Put/Call Ratio (PCR) CBOE: 0.83; 0

The Bulls Vs The Bears

The Bulls backed off a bit, but are still over 61%. 6 of 8 weeks over 60%, the Bears held steady..

The Bulls are at 61.2 Vs 61.8 last

The Bears are at 17.5 Vs 17.6 last

 

Support and Resistance

DJIA close: 20,821.76

Resistance

None

Support
20,126 the Jan 2017 high
20,101 a Jan 2017 high.
The 50-Day SMA: 20,080
The 50-Day EMA: 20,016
19,994 the Jan 2017 upper gap mark
19750 the Jan 2017 low
The 200-Day SMA: 18,733

 

S&P 500 close: 2367.34

Resistance

None

Support
2309 the Y 2016 trendline
2301 a Jan 2017 high
The 50-Day SMA: 2288
The 50-Day EMA: 2289
2280 from Jan 2017
2278 the Dec 2016 high
2213 the Nov 2016 high
2194 the Aug 2016 high
The 200-Day SMA: 2179

 

NAS Comp Close: 5845.31

Resistance

None

Support
5661 the late Jan upper gap mark
The 50-Day EMA: 5620
5601 the Jan 2017 lower gap mark
The 50-Day SMA: 5599
5559 the 2016 trendline
5404 the Nov 2016 high
5340 the Oct 2016 high
5288 the Sept 2016 high
5271 the Aug 2016 high
The 200-Day SMA: 5242

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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