Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

There is a just a bit less of the same for news and economics this week.

The market is seeing and factoring in that The Trump Administration is going to get more accomplished with the Top advisor staying put and both Big and Small business growth is the focus, that no matter what you might be hearing and/or reading.

That is what I glean out of all of the what we have seen for the past few weeks. The market factors this in and it shows up in the patterns.

So, play the patterns in control as the indices trade Monday and Tuesday.

If the indices bounce early week, The Big Q is: Will they hold the move and continue North or dip?

The Big A: If they sell, the dip buyers will buy. If they bounce, expect they will hold the
move off the double bottom test of NAS Comp, the ABCD from DJIA, and the SOX triangle.

Look for plays in positive patterns on NAS Comp, and SOX.

But participants cannot ignore the Southside in the event this time the machine traders do not buy the dip.

Remember, pay attention, it is your money and your responsibility.

The Bulls Vs The Bears

Sentiment Indicators

VIX: 14.26; -1.29
VXN: 17.85; -0.75
VXO: 12.91; +0.09

Put/Call Ratio (PCR) CBOE: 1.11; +0.04. A 2nd session over 1.0 after weeks below. If we see a few of these the market will rebound after selling.

The Bulls Vs The  Bears

Bulls Down and the Bears Up

The Bulls are at 50.5 Vs 57.5 last

The Bears are at 18.1 Vs 17.0 last

 

Support and Resistance

DJIA close: 21,858.32

Resistance
21,681 the Jul 2017 high
22,179 the Aug 2017 all-time high

Support
The 20-Day EMA: 21,836
The 50-Day EMA: 21,574
21,169 the Mar 2017 high
20,553 the May 2017 low
20,547 the Apr 2017 los
The 200-Day SMA: 20,484

 

S&P 500 close: 2441.32

Resistance
The 50-Day EMA: 2446
2453 the Jun 2017 high
2487 from the Mar 2009 uptrend line

Support
2439 a Jun 2017 high
2406 the May 2017 high
2401 the Mar 2017 high
2352 the May 2017 low
2348 the Apr 2017 low
The 200-Day SMA: 2339

 

NAS Comp close: 6256.56

Resistance
The 50-Day EMA: 6263
6300 a Jun 2017 high
6342 a Jun 2017 high
6461 the Jun 2017 all-time high

Support
6205 the May 2017 high
6141 the Y 2016 trendline
5996 the May 2017 low
5937 the Apr 2017 low
5915 the Mar 2017 high
5910 a Apr 2017 low
The 200-Day SMA: 5838

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