Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

Earnings are Wall Streets’ focus now as the banks started last week and the doors are now open

The Big Q is whether the market has room for more upside on some good earnings after the gains in DJIA, Techs (SOX), NAS Comp and S&P 500.

Another perhaps Bigger Q is whether RUTX and S&P 400, are ready to take up leadership again and move North again getting the rotating money, as the large cap indices may pause to refresh.

We are seeing patterns indicating very good setups to play that move ahead of the pause. So positions in play or newly entered should be allowed to work and then bank the gainers a they come, particularly since October expiration’s come this week.

So, play good moves to the Northside because there are so many good stocks making good moves and in position to continue or start a good move, meaning play the Northside as long as the momentum lasts, say 2 more weeks.

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

 

The Bulls Vs The Bears

 

Sentiment Indicators

VIX: 9.61; -0.30
VXN: 13.97; -0.36
VXO: 7.57; -0.48

Put/Call Ratio (PCR) CBOE: 0.85; -0.20

The Bulls Vs The Bears

This market is getting Very Bullish in here…

The Bulls are at 60.4 Vs 57.5 last

The Bears are at  15.1 Vs 17.0 last

 

Support and Resistance

DJIA closed: 22,871.72

Resistance

None

Support
The 10-Day EMA: 22,740
22,420 the Sept 2017 high
The 50-Day EMA: 22,241
22,179 the August 2017 high
22,086 a Aug 2017 high
21,681 the Jul 2017 high
21,638 a Jul 2017 high
21,529 the Jun 2017 high
The 200-Day SMA: 21,170

 

S&P 500 close: 2553.17

Resistance

None

Support
2519 the upper channel line from the 9 March 2009 uptrend channel
The 50-Day EMA: 2498
2491 the Aug 2017 high
2480 a Aug 2017 high
2453 the Jun 2017 high
2409 the Jul 2017 low
2406 the May 2017 hih
The 200-Day SMA: 2403

 

NAS Comp close: 6605.80

Resistance

None

Support
6477 the Sept 2017 high
6461 the Jul 2017 high
6450 a Sept 2017 high
The 50-Day EMA: 6433
6366  The Y 2016 trendline
6342 the Jun 2017 hih
6300 a Jun 2017 high
6205 the May high
The 200-Day SMA: 6079

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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