***** Technical Analysis (November 17)****
A late rally pared the losses for the market but the Nasdaq led the way down again and technical indicators worsened.
The Nasdaq fell to the 50 dma of 1900 today as the low was 1892 and then it rallied modestly to close at 1909 so it is still in danger of breaching support there unless the index can rally with some authority almost immediately.
The Nasdaq McClellan Oscillator fell to -38 from -21 and has pushed the Summation Index downward again which is now at 325. The 10% index is below the 5% index and the zero line, which is negative.
The Nasdaq MACD, ROC, Williams%R and DMI (ADX) are now negative while the Money Flow and Aroon remain positive and the CCI and Acc/Dist remain neutral. The RSI dropped to 46, below the neutral 50 level.
The Nasdaq TRIN closed at a negative 1.45 after having been worse earlier on moderately heavy volume of 1.9B shares.
The NYSE McClellan Oscillator fell to -31 from -8 and its 10% index is below the 5% index but above the zero line. The TRIN was a very negative 1.94 on light volume of 1.3B shares.
The lower trendline and 50 dma are now factors as technicians await to see if they hold or not.
Gold was weaker today due to profit-taking and could suffer a lower trading range temporarily in its bull market. Bonds are steady but are likely in a secular bear market.
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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