Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

This Independence Day celebration in the US has Monday doing 1/2 session and then a closed market Tuesday, 4th of July.

Not much action or change expected Monday, but Wednesday things may gett interesting as new money could flow into the market.

Consumer Sentiment is higher, Bullish investors and advisors are up again, and confidence in the market is high.

The index patterns are good to very good, and there is still leadership working positively. There are stocks setups that can make good money on Northside moves.

If they make the moves, traders will play them.

Also, there are Southside plays setting up if  Southside action happens. This is a weak time of the year

The thing that would keep The Trump Rally working would be healthcare and tax reform. That hope continues, and is supporting the market.

President Trump is a wizard at playing the news game and keeping the hope alive. We expect that he will make it happen.

Remember, always be optimistic in a market like this, be opportunistic and play really good Southside plays, and also play those sectors that are getting the rotated managed money.

Take what the market gives.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 11.18; -0.26
VXN: 17.61; -0.82
VXO: 10.13; -0.3

Put/Call Ratio (PCR) CBOE: 1.13; +0.15. The jump is from the rolling out positions to this new Quarter.

The Bulls Vs The Bears

The Bulls are holding near the top of the range.

The Bears holding their range just off the lows.

The Bulls are at 54.9 Vs 51.5 last

The Bears are at 18.6 Vs 19.4 last

 

Support and Resistance

DJIA close: 21,349.63

Resistance:
21,535 the all-time high

Support
21,169 the Mar 2017 high
The 50-Day EMA: 21,116
20,553 from the May 2017 lows
20,547 an Apr 2017 low
20,412 the Mar 2017 low
20,400 an Apr 2017 low.
20,126 the Jan 2017 high
20,101 a Jan 2017 high.
19,994 a Jan 2017 high
The 200-Day SMA: 19,974

 

S&P 500 close: 2423.41

Resistance
2439 a Jun 2017 high
2453 the all-time high

Support
The 50-Day EMA: 2410
2406 the May 2017 high
2401 the March 2017 high
2352 the May 2017 low
2348 the Apr 2017 low
2329 a Mar 2017 low
2322 the Mar 2017 low
2319 the 78% Fibo retrace
2301 a Jan 2017 high
2298 a Jan 2017 high
The 200-Day SMA: 2294

NAS Comp close: 6140.42

Resistance
6342 the all-time high.
6205 the May 2017 high

Support
The 50-Day EMA: 6134
5997 the Y 2016 trendline
5996 the May 2017 low
5937 an Apr 2017 high
5915 the Mar 2017 high
5910 an Apr 2017 low
5800 a Feb 2017 low
The 200-Day SMA: 5688

Have a terrific 4th of July holiday.

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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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