Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

Healthcare reform was scuttled by a vote from maverick US Senator John McCain (R-AZ) a walking dead man shouting his last hurrah.

This is not over yet, more this week.

President Trump will do the right thing, and stop subsidizing the insurance companies to write bad insurance in the failing Barack Obamacare markets. That action bring an end to the majority of those plans fast, requiring the need to take action.

The Big Q: Does America go fully into socialism, or do we get back to what has made us great and
free up markets to be the efficient mechanisms they are.

The Big Q2: Do those in power want to relinquish their power over this aspect of American lives and thus relinquish power back to The People.

Big Stuff right?

But the market is not concerned.

Earnings are getting pretty good overall, last week the Wall Street indexes reversed off of new highs, but  did not roll over.

Further, there are still good patterns to move on if and when they break.  Good patterns tend to drive the market higher, as long as money comes in, we see a new month begin Tuesday, we wait, we see.

Many good stocks continue to hold their patterns regardless of money rotating, focus on those.

Remember, always take what the market gives. And it is your money and your responsibility.

 

The Bulls Vs. The Bears

 

 

Sentiment Indicators

VIX: 10.29; +0.18
VXN: 15.91; +0.02
VXO: 8.26; -0.13

Put/Call Ratio (PCR) CBOE: 0.83; -0.11

The Bulls Vs The Bears: Bulls continued their charge down Wall Street, moving back over 60 for the 1st time since early
Y 2017. The caution lights are flashing about the Northside action.

The market tried to roll over several times since the 60+ readings in early Y 2017, but the selling was met by the PPT’ers, then the buyers come back in strengthened the market.

Now with this reading, we have watch for rollover attempts. Late last week might have been 1, or a signal that 1 was coming, just not yet.

The Bulls are at 60.2 Vs 57.8 last

The Bears are at 16.5 Vs 16.7 last

 

Support and Resistance

 

DJIA close: 21,830.31

Resistance

None

Support
21,535 the prior high
The 20-Day EMA: 21,575
The 50 Day EMA: 21,367
21,169 the Mar 2017 high
20,553 the May 2017 low
20,547 an Apr 2017 low
20,412 the Mar 2017 low
20,400 an Apr 2017 low.
The 200-Day SMA: 20,292

 

S&P 500 close: 2472.10

Resistance

None

Support
The 20-Day EMA: 2458
2453 the Jun 2017 high
2439 a Jun 2017 high
The 50-Day EMA: 2435
2406 the May 2017 high
2401 the Mar 2017 high
2352 the May 2017 low
2348 the Apr 2017 low
2329 a Mar 2017 low
2322 the Mar 2017 low
The 200-Day SMA: 2322

 

NAS Comp close: 6374.68

Resistance

None

Support
6341.70 the Jun 2017 high
The 20-Day EMA: 6320
6300 a Jun 2017  high
6205 the May 2017 high
The 50-Day EMA: 6230
6110 the Y 2016 trendline
5996 the May 2017 low
5937 the Apr 2017 high
5915 the Mar 2017 high
5910 the Apr 2017 low
5800 the Feb 2017 low
The 200-Day SMA: 5783

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