***** Technical Analysis (Oct 3)****
This is an new TA update.
On Wednesday the major indices were up strongly on heavy volume. The breadth was very positive while the u/d vol was even better, at about 4/1, on very heavy volume on the NYSE.
The daily stochastics are crossed up again for the major indices, as the stochastic "pop" continues.
The Dow traded to a new all-time high and the S&P500 traded to a multi-year high, as they appear to be broken out above resistance now and headed higher.
Oil and gold appear to have a chance for a rally now as the selling pressure has dissipated for the time being.
The McClellan Oscillators are now in positive territory again for the Nasdaq/NYSE.
stockcharts.com
stockcharts.com[m,a]waclyyay[pc30!c20][vc60][iud20!ua12,26,9]
stockcharts.com
Below charts:
stockcharts.com
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. |
