***** Technical Analysis (October 2)****
Stock indices did not follow through to the upside strongly after Wednesday's strength but was basically flat instead. Good news for the bulls are that some technical indicators improved slightly and the internals were mildly positive today.
The Nasdaq McClellan Oscillator improved to -19 from -26 but this index is still more vulnerable than the NYSE, Dow or SPX because it hasn't crossed over the zero line yet as has the NYSE McClellan Oscillator, which is at +14, up from +8 yesterday.
The stochastics are mixed with the hourlies crossed up and the others mixed for the Dow vs. the Nasdaq, though the monthlies are both crossed up.
The market is choppy right now and could remain in a fairly narrow trading range between 9000-9200 on the low end and 9500-9700 and if the technicals don't deteriorate badly, it could be resolved to the upside later this quarter.
Gold remains in a trading range with little volatility and bonds fell a fraction. It appears that the USD could have a technical bounce but the long term trend remains down.
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.
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