Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street

$DIA, $SPY, $QQQ, $VXX

Again, Wall Street analysts are predicting another up year for the S&P 500 Index (SPY)

The NFPs report is due out this week.

Some are saying that the market is being called too high, and the Bulls Vs Bears supports the calls.

It is a fact that the market can become more and more extended before it breaks. Last week we saw some volatility on the fake news report from ABC TV. This market show us  that certain groups get sold quickly and recovery quickly.

That is a Key areas we are watching to this week, FAANGs and others in software, chips. Chips suffered a lot of damage, and it may take them time to come back, and set up for the next run

Money is rotating into new areas and some issues are testing, watch them carefully, look.

There are some Southside plays set up, and given the sentiment and some of the volatility we have to look at those plays.

The Big Picture

Stocks are extended, but it is a time of year runs North are often made. If there is the will to rally to
year’s end pay attention to the tests and play a year end move.

The major US stock market indexes  are all in uptrends, there were 50-Day EMA tests by SOX and RUTX intra-day.

So it the the trends are to continue need bounces off the 50-Day with the resumption of the moves
up the 10/20-Day EMA to follow.

So, if the bids are there to carry stocks higher let the winners run.

Remember, it is your money, your responsibility, pay attention.

 

The Bulls Vs The Bears

Sentiment Indicators

VIX: 11.43; +0.15
VXN: 16.57; +0.64
VXO: 10.86; +0.50

Put/Call Ratio (PCR) CBOE: 0.78; -0.07

The Bulls Vs The Bears

The Bulls dipped 2 weeks ago then recovered last week

The Bears dipped, but holding higher

The Bulls are at: 62.3 Vs 61.5

The Bears are at: 15.1 Vs 15.4

 

Support and Resistance

DJIA close: 24,231.59

Resistance

None

Support
23,602 the Nov 2017 high
The 20-Day EMA: 23,642
The 50-Day EMA: 23,221
22,420 the Sept 2017 high
22,179 the Aug 2017 high
22,086 an Aug 2017 high
The 200-Day SMA: 21,759

 

S&P 500 close: 2642.22

Resistance

None

Support
The 20-Day EMA: 2601
2597 the Nov 2017 high
The 50-Day EMA: 2569
2544 the upper channel line from the 9 March 2009 uptrend channel
2491 the Aug 2017 high
2480 a Aug 2017 high
2453 the Jun 2017 high
The 200-Day SMA: 2454

 

NAS Comp closed: 6847.59

Resistance

6914 the Nov 2017 all-time high

Support
6796 the Nov 2017 high
The 20-Day EMA: 6802
The 50-Day EMA: 6685
6641 the Oct 2017 high
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
The 200-Day SMA 6271

Have a terrific week.

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