Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

US economic data on the week include: PPI, CPI, Retail Sales, and Empire Manufacturing.

Hurricane IRMA made landfall and has been working its way up the west coast of Florida, so there will be an idea of the damage.

Nothing serious from NKorea, but President Trump has the boy leader in his cross hairs, and a team of assassins is training is SKorea under US Navy Seal Team Six.

The US major market indices are set up to continue the move North, and make some new highs on
The NAS Comp and the S&P 500, as it did on the prior rally before the test. They have put the effort, and are in position with good leadership groups ready.

This is technical stuff as that is my long suit, a good initial move off the selling, a pause below the highs, then a move to new highs, profit taking, then more buying, so seeing that again for a move off of the test.

We saw the test extended for a week, and stocks set up during that action, and can now make good moves off the test, to new highs, and beyond.

Again, I see this as a technical move off of the week long sideways setup.

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

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 12.12; +0.57
VXN: 16.07; +0.67
VXO: 10.76; +0.92

Put/Call Ratio (PCR) CBOE: 1.09; -0.04

The Bulls Vs The Bears

After the sharp decline in Bulls in August, they held steady. Bears, too. A standoff, at least for now.

The Bulls are at 49.5 Vs 49.5 last

The Bears are at 19.1 Vs 19.1 last

 

Support and Resistance

DJIA close: 21,797.79

Resistance
22,086 a Aug 2017 high
22,179 the Aug 2017 all-time high

Support
The 50-Day EMA: 21,717
21,681 the Jul 2017 high
21,638 a Jul 2017 high
21,529 the Jun 2017 high
21,169 the Mar 2017 high
The 200-Day SMA: 20,805

 

S&P 500 close: 2461.43

Resistance
2491 the Aug 2017 high
2498 the upper line from the 9 March 2009 up trend channel

Support
2453.46 the Jun 2017 high
The 50-Day EMA: 2450
2409 the Jul 2017 low
2406 the May 2017 high
2401 the Mar 2017 high
The 200-Day SMA: 2368

 

NAS Comp close 6360.19

Resistance
6450 a Sept 2017 high
6461 the Jul 2017 high

Support
6342 a Jun 2017 high
6300 a Jun 2017 high
The 50-Day EMA: 6300
6244 the Y 2016 trendline
6205 a May 2017 high
5996 the May 2017 low
The 200-Day SMA: 5943

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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