*****TA Update(intraday)*****
The Nasdaq opened gap down (on hourly charts) at 3864, rallied to 3892, which filled all but 5 pts of the gap, and then declined to 3816, before settling in near the mid-day at around 3840. The TRIN is 1.32, after having been as high as 1.65. The most worrisome technical for the bulls is the a/d which is 6/11. The up/down volume is 20/45 on overall volume of 690K shares. I am still looking for a selling climax (several criteria have not been met on any of the recent declines in the past week or two) or at least a double bottom.
The Naz support levels are 3840, 3794, 3700, 3521, while resistance appears to be at 3895, 3905, 3982, 4100.
The Naz reversed impressively after reaching within one point of support of 3794, but can't seem to put a bona fide rally in place, and the breadth indicates that we probably need to retest some of the support levels, and while the countertrend could see several rally attempts, but the close may be weak if the breadth and TRIN stay weak during rallies.
Dr.Bob's commentaries should not be construed as recommendations to buy or sell stocks. Always do your own research before investing. |
