Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

The NAS Comp and the S&P 500 are standing near support after just over a week range trading, there is leadership that can move North and break the indices higher off of the Key support.

The US NFPs report was solid enough, thought not great, as the Key indices sat on support, and did
not break South or North, perhaps resting. And so now the Key Wall Street indices are at Key support and in position to rally.

The Big Q: Will they?

The Big A: At this writing the futures say yes.

If the US economy can continue to build without aggravating inflation and interest rates, this Bull market could continue for a long time under The Trump Administration given the overall positive consumer sentiment and the Fed’s contentment.

The media pundits are calling for a big correction, but the Bears are not telling us that. The fact that lots of people are calling for a long overdue correction means they do not know anything, including how deep, when and why.

I have been in this Wall Street Game of over 40 years and history says when everyone
says it is not happening is when it happens, and when they say it is it does not happen

The pundits/experts rarely nail it, when they do it is a fluke.

So, for now I am cautiously Bullish.

The major US stock market indices are in a position where they could bounce, we need to see that they can do it.

There are good stocks that are in position to rally, focus, do your work, be ready for that to happen.

Always take what the market gives, it is your money, so it is your responsibility.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 10.03; -0.41
VXN: 14.09; -0.6
VXO: 8.9; +0.44

Put/Call Ratio (pCR) CBOE: 1; -0.01. 2nd session running over 1.0.

The Bulls Vs The Bears

The Bulls are still at 60, the Key mark for corrections. Of course the market has consolidated in an uptrend for the last 2 weeks, but that is not a correction, that is a rally extension. We wait, We see.

The Bulls are at 60.0 Vs 60.2 last

The Bears are at 16.2 Cs 16.5 last

 

Support and Resistance

The DJIA close: 22,092.81

Resistance

None

Support
The 10-Day EMA: 21,887
21,681 the Jul 2017 high
The 20-Day EMA: 21,746
The 50-Day EMA: 21,482
21,169 the Mar 2017 high
20,553 the May 2017 low
20,547 a Apr 2017 low
20,412 the Mar 2017 low
20,400 an Apr 2017 low.
The 200 Day SMA: 20,388

 

The S&P 500 close: 2476.83

Resistance

2484 the upper channel line from Mar 2009 uptrend

Support
The 20-Day EMA: 2465
2453 the Jun 2017 high
The 50-Day EMA: 2443
2439 a Jun 2017 high
2406 the May 2017 high
2401 the Mar 2017 high
2352 the May 2017 low
2348 a Apr 2017 low
2329 the Mar 2017 low
The 200-Day SMA: 2331

 

NAS Comp close: 6351.56

Resistance

6461 the Jun 2017 all-time high

Support
6342 the Jun 2017 high
The 20-Day EMA: 6333
6300 a Jun 2017 high
The 50-Day EMA: 6252
6205 a May 2017 high
6117 is the Y 2016 trendline
5996 a May 2017 low
5937 the Apr 2017 low
5915 the Mar 2017 range top
5910 an Apr 2017 low
The 200-Day SMA: 5812

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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