Note: this proposal is more tentative than most. The psalm begins and ends with praise; and the train of thought moves from the creation by the Word of God to the counsels’ of the LORD and then to the overseeing power of the LORD that preserves those that fear Him. There seems to be a parallel of contrast between the power of the Creator and the weakness of human resources.
A. 1 Rejoice (ranan) in the LORD, O ye righteous:
for praise is comely for the upright.
2 Praise the LORD with harp:
sing unto him with the psaltery and an instrument of ten strings.
3 Sing unto him a new song;
play skilfully with a loud noise.
B. The Power of the WORD of the LORD
4 For the word of the LORD is right;
and all his works are done in truth.
5 He loveth righteousness and judgment:
the earth is full of the goodness of the LORD.
a. 6 By the word of the LORD were the heavens made;
and all the host of them by the breath of his mouth.
b. 7 He gathereth the waters of the sea together as an heap:
he layeth up the depth in storehouses.
b’. 8 Let all the earth fear the LORD:
let all the inhabitants of the world stand in awe of him.
a’. 9 For he spake, and it was done;
he commanded, and it stood fast.
C. 10 The LORD bringeth the counsel of the heathen to nought:
he maketh the devices of the people of none effect.
C*. 11 The counsel of the LORD standeth for ever,
the thoughts of his heart to all generations.
B’. The people of the LORD dependent upon Him.
12 Blessed is the nation whose God is the LORD;
and the people whom he hath chosen for his own inheritance.
a.13 The LORD looketh from heaven;
he beholdeth all the sons of men.
14 From the place of his habitation he looketh
upon all the inhabitants of the earth.
b. 15 He fashioneth their hearts alike;
he considereth all their works.
b’. 16 There is no king saved by the multitude of an host:
a mighty man is not delivered by much strength.
17 An horse is a vain thing for safety:
neither shall he deliver any by his great strength.
a’.18 Behold, the eye of the LORD is upon them that fear him,
upon them that hope in his mercy;
19 To deliver their soul from death,
and to keep them alive in famine.
A’. 20 Our soul waiteth for the LORD:
he is our help and our shield.
21 For our heart shall rejoice (samah) in him,
because we have trusted in his holy name.
22 Let thy mercy, O LORD, be upon us,
according as we hope in thee.