Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

US financial market were closed Monday for Memorial Day.

The Asian and EU markets to work through the weekend stories from the G-7 Summit in Italy.

The Big Q: Will the US markets pick up where the left off Friday?

We are seeing lots of headline negatives, and just because the indices hit new highs does not mean they will/can hold or extend them. But so far the indices have met adversity with steady buying.

Currently, as I write this report at 2:30a EDT on 30 May the major US stock index futures are trading flat to unchanged, bias Neutral

There are more Northside plays setting up, Chinese stocks are also looking good in here.

Remember, always take what the market gives.

 

The Bulls Vs The Bears

 

Sentiment

VIX: 9.81; -0.18
VXN: 12.26; -0.32
VXO: 9.16; -0.1

Put/Call Ratio (PCR) CBOE) 0.91; +0.05

The Bulls Vs The Bears

The Bulls faded, the Bears spiked. There is lots of pessimism in this market now, as lots of fund managers and market pundits are negative and it is spreading around, that a good thing.

The Bulls are at 51.9 Vs 58.1 last
The Bears are at 18.3 Vs 17.1 last

 

Support and Resistance


DJIA close: 21,080.28

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

Support
The 50-Day EMA: 20,787
The 50-Day SMA: 20,786
20,553 from the lows of the week of 15 May
20,547 the lower Gap mark from Apr 2017
20,412 the Mar 2017 low
20,400 a Apr 2017 low.
20,126 the Jan 2017 high
20,101 a Jan 2017 high.
19,994 a Jan 2017 high
19750 from the lows of the Jan 2017 range
19,732 the Jan 2017 low
The 200-Day SMA: 19,633

 

S&P 500 close: 2415.82

Resistance
2437 the Y 2016 trendline

Support
2406 the May 2017 all-time high
2401 the Mar 2017 high
The 50-Day EMA: 2374
The 50-Day SMA: 2372
2352 the May 2017 low
2348 the Apr 2017 lower Gap mark
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
2280 from Jan 2017
2278 the Dec 2016 high
The 200-Day SMA: 2262

 

NAS Comp close: 6210.19

Resistance

None

Support
6170 the May 2017 all-time high
The 50-Day EMA: 6003
5996 the May 2017 low
The 50-Day SMA: 5983
5937 the Apr 2017 high
5915 the top of the Apr 2017 range
5910 the lower Gap mark from Apr 2017
5882 the Y 2016 trendline
5800 from the Feb 2017 lows
5661 a Jan 2017 upper Gap mark
5601 the Jan 2017 lower Gap mark
The 200-Day SMA: 5568

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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