***** Technical Analysis (Sept 24)****
The market breadth momentum indicators turned slightly positive on Friday as the selling pressure dissipated late last week.
The market is in investors' "no man land" because it is not oversold enough to warrant new long positions nor overbought enough to warrant wholesale selling.
Daytraders or fast swing traders can play some of the very short term swings but position traders should have already adjusted their long positions earlier.
The Summation charts below are clear:
stockcharts.com[m,a]waclyyay[pc30!c20][vc60][iUd20!Ua12,26,9]&pref=G
The short-intermediate term trend is probably down though with choppy rallies in between, until we get very oversold on the weekly NASD chart.
Stochastics and MACD are neutral to negative.
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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