***** Technical Analysis (November 24)****
A powerful oversold rally occurred today on moderately light volume today as the Nasdaq led the way.
The Nasdaq McClellan Oscillator rose sharply to -5 from -30 and now needs to see follow-through on Tuesday in order to turn positive. The TRIN was a very positive .52, with a/d of 23/9, up/down volume 5/1, on 1.8B shares. The weekly and daily stochastics are not quite crossed up but not crossed down anymore as well, so Tuesday is the deciding day.
The NYSE TRIN was a very positive .48, with a/d of 3/1, up/down volume 11/2, on 1.3B shares. The McClellan Oscillator rose to -2 from -27.
The Nasdaq RSI rose sharply to 55 from 45 and the a/d line reversed back up but needs a few days of upside action if it is to make a new high. The DMI (ADX) and Acc/Dist improved to positive while the Williams%R and CCI improved to neutral. The Money Flow didn't improve much as it remains barely positive and needs to rise substantially on Tuesday to confirm today's rally.
The Nasdaq has a gap just below 1900 and has some support also at 1924 where some moving averages are at.
Gold fell today as profit-takers moved in and while lower prices could be seen in the shorter term, the bull market here continues. Bonds were down today after a strong rally last week but remains well below its June highs.
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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