*****TA Update(intraday)*****
The Nasdaq has traded in a narrow range from 4056 up to 4093, where it has met resistance again. The TRIN is moderately bullish at .65, near where it has been all morning, and TRIN 30 stochastic is still crossed up, which is negative but 60 min stochastic is right neutral, with d and k together sideways. A/D is 20/19 and up/down vol is 3/2, which is slightly positive.
If TRIN stays below .80, and above .60, the Nasdaq should stay within this range. If it rises above .80, then the index and a majority of stocks should be weak. If the TRIN gets near .50 or below, then the Nasdaq may take out 4093 resistance on it's way above 4100.
Most oscillators are overbought, so the question is whether this is high-level distribution at the resistance area near 4093, or if we can reset the indicators just enough to rally above 4100. The close is all-important.
Dr.Bob's commentaries are not to be construed as recommendations to buy or sell stocks. Always do your own research before investing. |
