***** Technical Analysis (Oct 3)****
This is an new TA update.
On Tuesday the major indices were slightly up on moderate volume.
The breadth was slightly negative for the Nasdaq while it was slightly positive for the NYSE.
The Nasdaq u/d vol was 10/9, while it was even on the NYSE.
The daily stochastics are mixed, as they are crossed up for the mega-caps on the Dow, S&P500, and S&P100, but crossed down for the Nasdaq and Russell 2K.
The Dow traded above its all-time high of 11,750, to a high of about 11,759, before closing below it.
The McClellan Oscillators are now -20/-10, for the Nasdaq/NYSE.
stockcharts.com
stockcharts.com[m,a]waclyyay[pc30!c20][vc60][iud20!ua12,26,9]
On the daily SPX charts, the CCI and MACD appear toppy:
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Below charts:
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Be sure to use the advantages of the "top-down" approach, a paradigm in technical trading. The bottoms-up approach refers to the idea that market timing is not used and that the goal is to select strong companies from a fundamental standpoint to buy and hold.
The "top-down" approach refers the the idea that one first ascertains the trend of the market, the strongest or weakest sectors for that trend, and the strongest or weakest stocks within those sectors, to trade, all with the trend.
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.
Dr.Bob no longer hosts Stocktimers meetings on Sunday nights at AOL.
I can be reached at drbob512@msn.com. |
