Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

Investors did not receive any economic data Friday, nor will they receive any economic data Monday

Noting new happened at the weekend that impacts Monday action.

Some are talking about The Trump Rally extending in here, if it does the rule is let winners run, and add new issues with good patterns that break North.

There is nothing in the technicals the indicate the markets’ Key patterns have changed, i.e. that after new highs are hit and some more rallying on Top of the new high, the selling comes on, the buying on the dips come in.

We could really use a pullback to an October bottom, and then a resumption of the rally to new highs into years end, that’s the picture as I prefer it.

And that is the move Shayne and I are anticipating as the most probable but of course, we always take what the market gives. And are always ready for the action, North, South or Sideways.

So, pay attention, it is your money and your responsibility, winning is the goal in any game.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 9.59; -0.08
VXN: 13.81; +0.10
VXO: 7.89; -0.02

Put/Call Ratio (PCR) CBOE: 0.98; +0.14

The Bulls Vs The Bears: Bulls dropped as the rally started, and now jumping up just as the rally may set to pause and refresh, typical.

The Bulls are at 50.5 Vs 47.1 last

The Bears are at 19.0 Vs 20.2 lost

 

Support and Resistance

DJIA close: 22,349.59

Resistance

None

Support
The 10-Day EMA: 22,251
22,179 the Aug 2017 high
22,086 a Aug 2017 high
The 50-Day EMA: 21,901
21,681 the Jul 2017 high
21,638 the Jul 2017 high
21,529 the Jun 2017 high
21,169 the Mar 2017 high
The 200-Day SMA: 20,962

 

S&P 500 close: 2502.22

Resistance

2508 the upper channel line from the 9 March 2009 reversal

Support
2491 the Aug 2017 high
2480 a Aug 2017 high
The 50-Day EMA: 2467
2453 the Jun 2017 high
2409 the Jul 2017 low
2406 the May 2017 high
2401 the Mar 2017 high
The 200-Day SMA: 2382

 

NAS Comp close: 6426.92

Resistance
6450 a Sept 2017 high
6461 the Jul 2017 high
6477 the Sept 2017 high

Support
The 50-Day EMA: 6347
6342 the Jun 2017 high
6300 a Jun 2017 high
6288 the Y 2016 trendline
6205 the May 2017 high
The 200-Day SMA: 5998

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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