***** Technical Analysis Oct. 11)****
The market has been mildly weak the last few days after having rallied the week before. Volume today was very light as the Nasdaq TRIN was .87 crossed down, a/d was 3/2, u/d vol 7/4, on very light volume of 1.2B shares, which makes today's rally unimpressive.
The NYSE TRIN was worse at 1.20, with a/d of 17/15, u/d vol of 1/1, on very light volume of 940M shares, as today was a partial holiday, Columbus Day, and my birthday!
The Nasdaq monthly stochastic is 75% crossed down, weekly also declined slightly to 58% crossed up, daily declined to 64% crossed down, hourly declined to 20% crossed up. The McClellan Oscillator declined to -1, and its Summation is at +159.
The Nasdaq MACD, CCI, Williams%R, Acc/Dist, and Money Flow worsened to neutral, while the DMI and Aroon remain positive.
The Rate of Change is neutral to negative.
The VIX and VXN MACDs have turned back up and are indicating lower prices may be likely in the short term.
The Dow monthly stochastic is at 79% crossed down, weekly is 42% going sideways, daily is 28% crossed down, hourly is at 24% crossed up. The NYSE McClellan Oscillator crossed down to -12 and its Summation is now declining at +928.
The Nasdaq is still operating with the "cross of death" but is above its 50 dma and after surpassing the 200 dma is now slightly below it.
Crude oil went up more today and appears poised to stay in a very high range. On the charts there is an ascending triangle 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.
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