*****TA Update(intraday)*****
Nasdaq gapped up at opening from 3930 to about 3968, and then rallied three times to the 3985 area, where it has met resistance, and later filled the opening gap, and is now trading flat.
TRIN has been very positive all day, but has weakened to .65, and it's 30/60 min stochastics have crossed over to upside, reflecting the weakness. As long as the TRIN is not above .80 or so, the Nasdaq will not likely fall apart. If it can hold below .80 during this current decline, it may rally a little near the close or at least stay flat.
Breadth was never very impressive during the rally today, as advancers were a little ahead of decliners but not by that much, certainly not 3/2, and now decliners lead. Overall volume is fair at 955,000 shares so far, and it will likely reach 1.3-1.4 billion shares again, but not close to the 1.7B we probably need for a strong bull move to close substantially above 3985/4000.
Unless the Nasdaq can muster up more volume and breadth in the next day, it may be indicating that these trades are near the top of the current trading range,and that the risk for declining to the middle or low part of the range is higher than breaking out to the upside to retest 4280.
Dr.Bob's commentaries should not be construed as recommendations to buy or sell stocks. Always do your own research before investing. |
