*****TA Update(intraday)*****
Nasdaq opened slightly higher and rallied to 4097, and has met some resistance there, while TRIN and TRIN 30/60 min stochastic has been quite positive all morning. A/D is 21/19 and up/down vol is 2/1, so this rally is confirmed by breadth.
I had hoped for some weakness so that the indicators wouldn't get too overbought, but the market has a mind of it's own and may be firm into the close, thereby making Tuesday possibly vulnerable to profit-taking after a gap opening. For today, watch the Nasdaq TRIN to see if in a couple of hours it weakens to over .80 or stays at or below .50, and it's 5,30,60 min stochastics for a crossover.
If these stay positive, Nasdaq can close near the highs of the day.
If we rally to retest 4289 before we have a modest correction, then I would be hesitanct to buy at those higher levels. As mentioned in my Trading Rules and Strategies, traders want to buy on pullbacks.
Dr.Bob's commentaries should not be construed as recommendations to buy or sell stocks. Always do your own research before investing. |
