Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

Friday’s action in the major US stock market indexes indicated they were ready to make a break North.

The S&P 500 led the charge with a solid advance through the highs of  its recent range.

The us market indexes have consolidated in tight ranges and is starting to break higher, now we have to see what happen Monday. So, far the major US major stock market indexes are trading flat to unchanged with a Neutral bias, seem the French election “hoopla” was not meaningful near term.

There are great setups for entry if the market starts up Monday,  as several sectors are in position to help drive the market higher if the status quo stay with us.

We wait, We see, and will take what the market gives.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 10.57; +0.11
VXN: 12.31; +0.13
VXO: 9.93; -0.63

Put/Call Ratio (PCR) CBOE: 1; +0.09. 2 of the last 3 days were 1.0 or better, the Put buyers came in.

The Bulls Vs The Bears

The string of 60+ closes is hangs over this rally, and a return to 60+ would have us looking at a possible end to the Northside after S&P 500, DJIA break higher from their current pullbacks.

The Bulls are at 58.5 Vs 54.7

The Bears are at 17.9 Vs 17.9

 

Support and Resistance

DJIA close: 21,006.94

Resistance
21,169 the Mar 2017 all-time high

Support
The 50-Day SMA: 20,784
The 50-Day EMA: 20,675
20,412 the Mar 2017 low
20,126 a Jan 2017 high
20,101 a Jan 2017 high
19,994 a Jan 2017 high
19750 the Jan 2017 range low
The 200-Day SMA: 19,449

 

S&P 500 close: 2399.29

Resistance
2401 the Mar 2017 all-time high
2409 the Y 2016 trendline

Support
The 50-Day SMA: 2366
The 50-Day EMA: 2357
2329 the Apr 2017 low
2322 the Mar 2017 low
2319 the 78% Fibo retracement
2301 a Jan 2017 high
2298 a Jan 2017 high
2280 from Jan 2017
2278 the Dec 2016 high
The 200-Day SMA: 22

 

NAS Comp close: 6100.76

Resistance

None

Support
The 10-Day EMA: 6046
5937 an Apr 2017 high
The 50-Day SMA: 5904
The 50-Day EMA: 5897
5801 the Y 2016 trendline
5800 a Feb 2017 low
5661 the Jan 2017 upper Gap mark
5601 the Jan 2017 lower Gap mark
The 200 day SMA at 5495

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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