***** Technical Analysis (November 10)****
The decline today has weakened some technical indicators, particularly the MACD which is now neutral and the McClellan Oscillators which are now below zero at -11/-10 for the Nasdaq/NYSE.
The Williams%R, CCI and Acc/Dist fell to neutral readings as well and the RSI closed down at 54.
The VIX/VXN MACDs have just crossed down, a negative development. But the Public/NYSE specialist short sales ratio remains quite positive.
This market continues to act like a cyclican bull market within a secular bear market as it can't seem to power ahead in the fashion bull markets do; witness 1997 to 1999 action.
There was not severe distribution today though as the TRINs were 1.39/1.41 for the Nasdaq/NYSE, respectively.
The late weakness last Friday carried over into today's action and could continue tomorrow, Tuesday. The bulls will want to see the lower trendline not be violated this week.
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.
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