***** Technical Analysis (week ending Oct. 1)****
The market has strengthened significantly from a technical standpoint and appears likely to continue the rally into the coming week.
The Nasdaq monthly stochastic rose to 76% crossed down, weekly rose to 62% crossed up, daily rose to 99% crossed up, hourly rose to 100%. The McClellan Oscillator rose to +33, and its Summation is rising at +61.
The Nasdaq MACD, DMI, CCI, Williams%R, Acc/Dist, Aroon and Money Flow are positive.
The VIX and VXN MACDs have turned back down and are indicating higher prices are likely in the short term.
The Dow monthly stochastic is at 83% going sideways, weekly is 58% crossed up, daily is 55% crossed up, hourly is at 96% crossed up. The NYSE McClellan Oscillator is +17 and its Summation is rising at +907.
The Nasdaq is still operating with the "cross of death" but is above its 50 dma and nearing its 200 dma which is at 1964.
Volume has picked up some in the last few days and the same or more volume on rallies for Monday and Tuesday would be quite bullish.
Crude oil went back up this week and has closed above $50/barrel for the first time in history. On the charts there is an ascending triangle possibly confirmed, which is bullish for higher prices.
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.
Dr.Bob's mission is to teach Technical Analysis and demonstrate a structured approach to Market Analysis, for position and swingtrading. There are many other TA structures, strategies and systems.
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