Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

We saw new US market highs into Friday.

This new Month and Quarter could bring some more buying and perhaps more new highs.

The Big Q: Will new highs become the targets for the algorithms machine traders to sell?

The Big A: Look at the market and what the leaders do.

The Bull runs in The Trump Rally have been very impressive.

But, be savvy, play the good plays as they set up, aka play the leaders as long as they lead. When they run out of momentum, and turn over, sell and move on, playing the Southside. Have a Southside play in your book on all of the leaders, they will turn over.

Fact, no one knows when the market cracks and rolls over. So, play the moves the market gives. Now, it is to the Northside.

Do not worry, be a professional, as the money is made faster when the market goes South.

Remember, your money, your responsibility.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 9.51; -0.04
VXN: 13.85; -1.13
VXO: 7.87; -0.25

Put/Call Ratio (PCR) CBOE: 1.05; +0.32

The Bulls Vs The Bears, the Bulls are up 7 points in 3 weeks, as the Bears fell out..

The Bulls are at 54.3 Vs 50.5 last

The Bears are at 17.1 Vs 19.0 last

 

Support and Resistance

DJIA closed: 22,405.09

Resistance
22,420 the Sept 2017 high

Support
The 10-Day EMA: 22,316
22,179 the Aug 2017 high
22,086 a Aug 2017 high
The 50-Day EMA: 21,9981
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: 21,027

 

S&P 500 close: 2519.36

Resistance

None

Support
2511 the upper channel line from the 9 March 2009 uptrend channel
2491 the Aug 2017 high
2480 a Aug 2017 high
The 50-Day EMA: 2474
2453.46 the Jun 2017 high
2409 the Jul 2017 low
2406 the May 2017 high
2401 the Mar 2017 high
The 200-Day SMA: 2389

 

NAS Comp close: 6495.96

Resistance

None

Support
6477 a Sept 2017 high
6461 the Jul 2017 high
6450 a Sept 2017 high
The 50-Day EMA: 6363
6342 the Jun 2017 high
6315 the 2016 trendline
6300 a Jun 2017 high
6205 the May 2017 high
The 200-Day SMA: 6023

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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