*****TA Update(intra-day)*****
As mentioned in last night's Stocktimer's meetings on AOL and Excite Voice Chat, there was a technical bounce in the Nasdaq (because the oscillators were too oversold on a very short term basis) which was not expected to last more than a few hours or one day at the most, because most other indicators signalled a resumption of the downtrend after a bounce.
Naz TRIN is 1.20, moderately bearish, after having been as low as .60 earlier, and as high as 2.00. TRIN stochastic for 60 min continues to be crossed up, a negative reading.
A/D is very weak at 11/25, up/down volume 2/5, on volume of 684K shares, so we could have 1.6B shares today.
Nasdaq opened at 3838, reached a high of 3862 (about reaching the prior support level of 3865 of a few weeks ago), and as low as 3771 (so far). It took out the low of Thursday that I mentioned as possible support at 3794 with no problem, so it is doubtful there is any support until 3700, as the lows of the day so far are very likely to be taken out today and to make new intraday lows.
In the countertrend period, there will be some attempts to rally from oversold levels, but they are likely to fail by the last hour or two of trading, to take us to lower levels by the close.
Dr.Bob's commentaries should not be construed as recommendations to buy or sell stocks. Always do your own research before investing. |
