Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

Wall Street earnings are winding on down and we have a light economic reports week ahead: Empire manufacturing Monday. Housing starts, Industrial production and Capacity Tuesday and Philly Fed Friday.

This week the NYSE indices may try to follow the path of the NAS Comp to higher highs and hold.

There are lots of good setups and a lot of good leaders, in the stocks that we at HeffX-LTN are following and playing, and many going nowhere,
Some energy stocks are trying to make a new move to the Northside. Machinery stocks ( a leading indicator) are setting up to rally again after a hiatus and some volatility.

We are continue to play the stocks that are making moves with the up trend, thought the is a lot of negativity about this Bull market’s future in the media and from the pundits..

That friends is the type Noise that drives sentiment to the positive side for a move further North.

This market is not showing any real weakness yet, I believe it is too early to short. Good stocks are moving higher, they are solid stocks and the Key indices are not seesawing.

So, the reason to play the Northside is because it is paying off, but stay alert as the leadership has narrowed.

Play the stocks that are moving means taking what the market gives, and tuning out the Noise.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 10.4; -0.2
VXN: 12.3; -0.46
VXO: 9.56; -0.35

Put/Call Ratio (PCR) CBOE: 0.85; -0.06

The Bulls Vs The Bears

Despite the negativity, the Walls Street Bulls rose, the Bears fell. Again, still near the 60 mark that has launched selloffs in the past, and there is that string of 60+ closes still hanging over The Trump Rally. A return to 60+ would have us looking at a possible end to the upside after S&P 500, DJIA break higher from their current pullbacks.

The Bulls are at 58.7 Vs 58.5 last

The Bears are at 17.3 Vs 17.9 last

 

Support and Resistance


DJIA close: 20,896.61

Resistance
21,169 the March 2017 all-time high

Support
The 50-Day SMA: 20,787
The 50-Day EMA: 20,724
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 from the Jan 2017 range lows
The 200-Day SMA: 19,510

 

S&P 500 close: 2390.99

Resistance
2419 the Y 2016 trendline
2401 the Mar 2017 high

Support
The 50-Day SMA: 2368
The 50-Day EMA: 2364
2329 the Apr 2017 low
2322 the Mar 2017 low
2319 the 78% Fibo retrace
2301 a Jan 2017 high
2298 a Jan 2017 high
2282 from Jan 2017
2277.53 the Dec 2016 high
The 200-Day SMA: 2252

 

NAS Comp close: 6121.23

Resistance

None

Support
The 10-Day EMA: 6092
5937 the Apr high
The 50-Day EMA: 5937
The 50-Day SMA: 5930
5835 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: 5521

Have a terrific week

The following two tabs change content below.

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.

You must be logged in to post comments :  
CONNECT WITH