Psalm 33 is a hymn of praise. Here is the breakdown:
v. 1-3: Shout for joy and sing praise to God
Why? The Psalmist exhorts us with these reasons to do so:
v. 4-9: The word of the Lord is upright. By it, all things were made, all that he commanded.
v. 10-12: The counsel of the Lord, or the will of the Lord, is what ultimately prevails.
v. 13-19: The Lord sees all. He observes our deeds and the eye of the Lord is on those who fear him and hope in his steadfast love.
v. 20-22: Our soul waits for God as he is our help. And ultimately, our heart is glad in him!