***** Technical Analysis (November 11)****
Today's decline turned the MACD negative and made the McClellan Oscillators more negative (-26 from -11 for the Nasdaq/-22 from -10 for the NYSE). Thus, the Summations are now declining in earnest and longs need to see that bottom out in the next couple of days and to stop at the lower trendline/50dma=1894, and reverse back up.
The distribution was not very heavy today as the TRINs were 1.04/1.12 for the Nasdaq/NYSE. But that could worsen if dip-buyers don't start getting more active.
The other technical indicators remained mixed, some positive and others neutral. The sentiment indicators are also mixed with the NYSE specialists bullish but the VIX/VXN MACD crossed down.
Gold remains strong at a high level consolidation near $390/oz while bonds continue in its downtrend with rates rising. Gold needs to rise above $395 to prevent a reversal from a topping formation, or triple top reversal.
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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