*****TA Update(intraday)*****
Nasdaq has ranged from 4040 to 4004, holding the 4000 support so far. TRIN has been in a narrow range, currently .64, with slightly negative 30/60 min stochastics but not dangerously so, and those could reverse as the 5 min stochastic is positive. A/D is positive at 19/17(717 issues unchanged, a high number, so those will not all end up unchanged at the end of the day) and up/down volume 5/3.
As mentioned in last night's Technical Analysis, I have raised my estimate for the near term trading range, and today's action is consistent with it. We may be able to hold the 4000 support level from now on if we can close higher than the open and nearer the highs for the day than the lows, which would set up a nice base from which to rally towards 4280 next week. Traders should consider the high relative strength stocks in the strong sectors, such as fiber optics, wireless, voice recognition software, financials, and biotechs/genomics, to participate in the next 300 point move.
Dr.Bob's commentaries should not be construed as recommendations to buy or sell stocks. Always do your own research before investing.
Best wishes,
Dr.Bob |
