Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

There is a lot of US economic data this week to digest.

Including but not limited to: PPI, CPI, New York and Philly PMI, Retail sales for October, Inventories, Capacity and Utilization.

Last week the big names that just broke out of bases tested their moves, and are holding. Chips tested to near term support. Software is solid, Crude Oil is making some good moves and more stocks are set up to make more good moves.

There is plenty of scope for the Northside move to resume.

Some are calling for a sell off in here, I am not seeing it tough. There can come events that can upset even the best setups.

But, so far the market is ignoring the geopolitics, the certainty of uncertainty in the Middle East, continuing saber rattling from NKorea.

The playing of politics in The Swamp of the US federal government.

The market has shown strength through it all indicating that is is fully behind the leadership of President Trump, even if the mainstream media is not.

For now there is consensus that the Northside potential outweighs the Southside given the Fed’s dovishness and the Chairman transition, the regulation rollback, a more business friendly climate for most, and s the hope for a meeting of the Congressional minds and votes on tax reform.

So, as I see it this Sunday night, I am looking mostly to the Northside.

Crude Oil, semiconductors, big industrials, retail, and FAANGs still sport solid setups to ride North, when they show us the moves.

Meanwhile, remember, pay attention, it is your money, so, your responsibility. And always take what the market gives.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 11.29; +0.79
VXN: 15.03; -0.01
VXO: 9.80; +0.54

Put/Call Ratio (PCR) CBOE: 1.18; +0.08

The Bulls Vs The Bears

The Bulls put in their 5th week running above 60.0, rising to a high at 64.4. That is enough Bullishness to work against a continued Northside move.

The Bulls are at 64.4 Vs 63.5 last

The Bears are at 14.4 Vs 14.4 last

 

Support and Resistance

DJIA close: 23,422.21

Resistance

23,602 the Nov 2017 all-time high

Support
The 20-Day EMA at 23,316
The 50-Day EMA at 23,876
22,420 the Sept 2017 high
22,179 the Aug 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: 21,517

 

S&P 500 close: 2582.30

Resistance

2597 the Nov 2017 all-time high

Support
The 20-Day EMA: 2573
The 50-Day EMA: 2541
2535 the upper channel line from 9 March 2009 uptrend channel
2491 the Aug 2017 high
2480 a Aug 2017 high
2453 the Jun 2017 high
The 200-Day SMA: 2434

 

NAS Comp close: 6750.94

Resistance

6796 the Nov 2017 all-time high

Support
The 20-Day EMA at 6688
6641 the Oct 2017 high
The 50-Day EMA: 6576
6477 the Sept 2017 high
6463 the Y 2016 trendline
6461 the Jul 2017 high
6450 a Sept 2017 high
6342 the Jun 2017 high
6300 a Jun 2017 high
6205 the May 2017 high
The 200-Day SMA: 6193

Have a terrific week.

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