***** Technical Analysis (November 14)****
The Nasdaq was the weakest today as the selling accelerated, turning the MACD and OBV down to negative readings, and the Acc/Dist worsened to neutral. The McClellan Oscillator fell to -21 from -2 with the Summation Index now at +364 and dropping. The 10% index has turned negative as well.
The Nasdaq TRIN was a more negative 2.09 today, the first time it has been over 2 for several weeks. The 50 dma is at 1900 for support. The RSI closed at a neutral 50.
The S&P 500 held up better than the Nasdaq and closed at 1050, while the Dow remains near the recovery highs at 9768.
The weekly stochastics crossed down by a fraction and the dailies are both near 60% crossed down and the hourlies are starting to get oversold again.
Gold continues its move to $400/oz and could find a temporary top early next week on any rally, but its long term bull market is intact. Bonds have come up off of its recent lows as rates have fallen from over 4.5% to around 4.2% for the 10 year notes but the odds still favor a bear market for interest-sensitive vehicles such as bonds and bond funds in the longer term.
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.
Dr.Bob no longer hosts Stocktimers meetings on Sunday nights at AOL. |
