Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

This market is resilient, ‘The Paul Ryan Healthcare Failure ‘ was political theater produced by US President Donald Trump, the focus is now on his tax reform and infrastructure packages.

Barack Obamacare will die on its own, then President Trump’s America’s Healthcare  will be back on the table for bi-partisan approval.

There is a lot of speculation and Media Noise as to which way the political river flows…

President Trump is controlling the action.

The Key of market participants is to be ready with different plays as they come to the Northside and the Southside, take advantage of the direction/s.

Expecting some across the board profiting taking in stocks and a spike in Gold’s price in here.

There are strong trends in place in some Wall Street sectors, so keep good plays working that are in the good trends showing good action.

Let the politics play, and play the moves that it generates if and when it happens. We wait, watch, and act prudently.

Always be alert, focus, be ready and take what the market gives. It is your money, it is your responsibility.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 12.96; -0.16
VXN: 12.66; -1.04
VXO: 13.34; +1.12

Put/Call Ratio (PCR) CBOE: 1.21; +0.08. 4 of 5 sessions back over 1.0 on the close, indicating a lot of protection purchases as well as some out and out playing the Southside. If gets near 10 that would be toward the extreme marks.

The Bulls Vs The Bears

The Bulls recovered some lost ground after coming off the cycle high that saw several weeks of Bullishness over 60%.

The Bulls are at: 56.7 Vs 53.4 last

The Bears are at 17.3 Vs 17.5 last

 

Support and Resistance

 

DJIA close: 20,596.72

Resistance
21,100 the Mar 2017 interim high
21,169 the all-time high

Support
The 50-Day EMA: 20,472
The 50-Day SMA: 20,449
20,126 the Jan 2017 intra-day high
20,101 a Jan 2017 high.
19,994 a Jan 2017 high
19750 from the Jan 2017 lows
The 200-Day SMA: 19,047

 

S&P 500 close: 2343.98

Resistance
2354 the Y 2016 trendline
2390 the Mar 2017 interim high
2401 the all-time high

Support
The 50-Day EMA: 2332
The 50-Day SMA: 2331
2301 a Jan 2017 high
2280 from Jan 2017
2278 the Dec 2016 high
2213  the Nov 2016 high
The 200-Day SMA: 2208

 

NAS Comp close: 5828.74

Resistance

5928 the March 2017 all-time high.

Support
5800 from the Feb 2017 lows
The 50-Day SMA: 5753
The 50-Day EMA: 5750
5661 a Jan 2017 upper gap mark
5652 the Y 2016 trendline
5601 the Jan 2017 lower gap mark
5404 the Nov 2016 high
The 200-Day SMA: 5343

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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