Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

The US markets are stable in here, even though our US Navy battleships are sailing to North Korea, and Russian warships are steaming to Syria.

Notably, the Wall Street sellers were not selling Friday, and the futures are up this morning pre-market.

Steel stocks are setting up new patterns, as Wall Street money rotated into them. Retail, chips, drugs/bio-techs remain solid.

All of the Key indices are holding support, and given the media hype about uncertainty in The Trump Administration and the world, stocks are not selling and appear as if they could continue to move North.

The leaders are leading in this market but have not surged after the weak US Jobs reports. So, watch the leaders as they are making the moves.

As improbable as it may seem in this scenario the supports are not cracking, but are producing good upside patterns, and breakouts.

Remember, always take what the market gives…

 

The Bulls Vs The Bears

Sentiment

VIX: 12.87; +0.48
VXN: 13.49; +0.76
VXO: 11.66; +0.35

Put/Call Ratio (PCR) CBOE: 0.95; +0.05

The Bulls again are at the higher end of the range after a week of market consolidation. When the market did not plunge farther off that break South a couple of Tuesdays back, confidence stabilized.

Still, the Bulls are 7 weeks over 60% and that is historically a market top indicator, just not a timing indicator.

The Bulls are at 55.8 Vs 49.5 last.

The Bears are at 18.3 Vs 18.1 last.

 

Support and Resistance

DJIA close: 20,656.10

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

Support
The 50-Day SMA: 20,604
The 50-Day EMA: 20,535
20,126 a Jan 2017 high
20,101 a Jan 2017 high.
19,994 a Jan 2017 high
19750 a Jan 2017 range low
The 200-Day SMA: 19,192

 

S&P 500 close: 2355.54

Resistance
2390 the Mar 2017 high
2401 the all-time high

Support
2371 the Y 2016 trendline
The 50-Day SMA: 2347
The 50-Day EMA: 2341
2301 a Jan 2017 high
2280 from Jan 2017
2278 the Dec 2016 high
The 200-Day SMA: 2222

 

NAS Comp close: 5877.81

Resistance
Next trendline resistance at: 5912
5928 the Mar 2017 all-time high.

Support
5800 from the Feb 2017 lows
The 50-Day SMA: 5815
The 50-Day EMA: 5795
5723 the Y 2016 trendline
5661 a Jan 2017 upper Gap mark
5601 the Jan 2017 lower Gap mark
5404 the Nov 2016 high
The 200-Day SMA: 5395

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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