***** Technical Analysis (October 9)****
The market had a chance to make the major move as indicated by the NYSE McClellan Oscillator a few days ago but it retreated from its mid-day highs rather than forging ahead, thereby putting into question the trend for the next few days. The question is whether we will will follow-through from the late weakness to the downside tomorrow or if the positive market internals of today will result in more upside action Friday.
The technical indicators are mostly the same with the exception of CCI which improved to positive.
The Nasdaq TRIN was a positive .77 with a/d of 3/2, up/down volume of 2/1, on moderately heavy volume of 2.1B shares, though a good portion of that volume was late profit-taking selling.
The NYSE TRIN was a positive .79, with a/d of 5/3, up/down volume 2/1, on moderate volume of 1.55B shares.
All indexes were much higher before the last hour, with the Dow dropping more than 90 points from its highs and the Nasdaq went as high as 1936 before settling at 1911. It did fill the opening gap for bulls so at least that is not still open and needing to be filled.
The VIX/VXN MACDs are still crossed down, so it remains a positive reading in favor of the bulls.
The gold stocks made a late rally after having been down substantially earlier as spot/Comex gold fell over 6 dollars. Bonds were weak today and the USD higher. Energy prices were higher.
Dr.Bob's commentaries are not to be construed as recommendations to buy or sell stocks, options, or ETF's as Dr.Bob is not a Registered Investment Advisor. Information and data provided here is believed to be reliable but cannot be guaranteed to be accurate.
Always do your own research and due diligence before investing or trading. Remember that Technical Analysis can change by the day, and as such, one day's TA may not be the next day's TA interpretation.
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