*****TA Update(intraday)*****
Nasdaq has found support thus far, having opened up on a gap, quickly filling that gap, trading as high as 3980 (just below my 3982 resistance level from a prior high) wherein it found too much resistance, and then came back down to 3921 (just above my 3920 support area, which was resistance before closing above it), where it found good support.
As long as the TRIN stays between .55 and .80, the Nasdaq is likely to stay within today's trading range, and if it rises above .80, and especially over 1.00, then the Nasdaq can close near it's lows or take them out on the downside.
If the TRIN rallies to below .55, then we should retest the highs for the day and possibly take them out today or Monday.
TRIN hourly stochastic is still neutral, not having crossed over either way, and the 30 min is still crossed over to the upside, a negative short term signal, but it can cross back down in about 2 timeframes of 30 min each.
Breadth is about 17/20 and up/down vol is 6/5 on 1.15B shares, and will probably reach near 1.3B by the close.
Last hour will be interesting indeed...
Dr.Bob's commentaries should not be construed as recommendations to buy or sell stocks. Always do your own research before investing or trading. |
