Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

The Northside move last week followed by a test has the Wall Street indexes in position to rally to higher highs in here. New months
often bring new money, and now there may be some eager to put money to work.

At the weekend we did not see the start of World War 3.

But, North Korea did launch another SCUD missile that blew up smartly at the launch, the 4th running.

The Big Q: What are they doing?

China’s economic data was off, as manufacturing and services new orders hit 6 month lows.

Wall Street earnings season continues with over 1000 companies reporting this week, about 20% S&P 500 components.

Some big Wall Street names are already out and numbers are  not that bad on the marquis companies; a few are making all the money.

US earnings season is now a 2-month event.

There is lot of news flowing: economic, political, and geopolitical, the market has weathered it, made a good upside move, is testing it, and is in position to move higher on the new month, new money notion.

There are lots good patterns in this market. So, should we see that breakout, new positions will be placed driving the leaders.

As I write this report at 8:38a EDT the major US stock index futures are trading flat with a Bullish bias.

Remember, always take what the market gives, and never stand in front of a moving train.

The Bulls Vs The Bears

Sentiment Indicators

VIX: 10.82; +0.46
VXN: 11.53; +0.42
VXO: 9.25; -0.68

Put/Call Ratio (PCR) CBOE: 0.96; +0.04

The Bulls Vs the Bears

The Bulls have start back up, The Bears faded a bit last week.

The Bulls are at 54.7 Vs 51.9 last

The Bears are at 17.9 Vs 18.3 last

 

Support and Resistance

DJIA close: 20,940.51

Resistance
21,000 a Mar 2017 high
21,169 the Mar 2017 all-time high

Support
The 50-Day SMA: 20,760
The 50-Day EMA: 20,613
20,412 the Mar 2017 low
20,126 a Jan 2017 high
20,101 a Jan 2017 high.
19,999 a Jan 2017 high
19750 a Jan 2017 low
The 200-Day SMA: 19,389

 

S&P 500 close: 2384.20

Resistance
2398 the Y 2016 trendline
2390 a Mar 2017 high
2401 the Mar 2017 all-time high

Support
The 50-Day SMA: 2363
The 50-Day EMA: 2350
2329 the Apr 2017 low
2322 the Mar 2017 low
2319 the 78% Fibo retracement off of the high
2301 a Jan 2017 high
2298 a Jan 2017 high
2280 a Jan 2017 high
2278 the Dec 2016 high
The 200-Day SMA: 2241

 

NAS Comp close: 6047.61

Resistance

None

Support
The 10-Day EMA: 5975
5937 the April 2017 all-time high
The 50-Day SMA: 5879
The 50-Day EMA: 5855
5789 the Y 2016 trendline
5800 from the Feb 2017 lows
5661 the late Jan 2017 upper Gap mark
5601 the Jan 2017 lower Gap mark
The 200-Day SMA: 5469

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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