*****TA Update(intraday)*****
Nasdaq rallied after a gap opening to the up side, so unless the action gets much stronger in terms of breadth and volume, it will likely fill sometime today. Gap is from 3953 to about 3975.
TRIN is a very positive .57, and it's 60 min stochastic is neutral while the 30 min is a little negative for now. Once again, if it stays below .80, then the Nasdaq won't fall sharply but if it gets above 1.00, it would reflect a reversal that should last until the close.
If it improves to below .40, then expect the rally to last until the close and possibly accelerate.
Nasdaq had another chance to fall sharply Monday when it filled the gap, and was encouraging to bulls that it didn't.
But today we have another gap to fill, unless the action gets much stronger soon. If 3920 does not hold today on a closing day basis, then the next minor support is at the 3865 area and the next major support is at 3700, and then 3521.
Dr.Bob's commentaries should not be construed as recommendations to buy or sell stocks. Always do your own research before investing. |
