***** Technical Analysis (November 22)****
The market action on Friday was pretty uneventful as the gains were minimal, though the selling pressure has dissipated for the time being.
The Nasdaq TRIN was a mildly positive .88, with a/d of 17/14, up/down volume 9/7, on light volume of 1.6B shares. The MACD, ROC, Williams%R, DMI (ADX), and CCI were negative while the Money Flow is the only indicator barely positive.
The Nasdaq McClellan Oscillator closed at -30 as the Summation Index went down to +176 and needs to turn back upwards for bulls within the next week or so. The stochastics are still crossed down.
The NYSE TRIN was a neutral 1.04 while its McClellan Oscillator is a bit better at -27 and its Summation is at +700.
The sentiment indicators are mixed with negative readings from the VIX/VXN MACDs but NYSE specialists/public shorts ratio is positive.
The Nasdaq is just below its 50dma of 1903 and needs to rise above it this week to reverse the trend.
Gold remains near its recent highs and bonds have also been strong in the past 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.
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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