***** Technical Analysis (November 4)****
The technical indicators were little changed after today's session despite some weakness in the major indices and market internals.
The Nasdaq TRIN closed at a mildly negative 1.12, with a/d of 1/1, up/down volume 10/11, on heavy volume of 2.1B shares. If the market can hold up during heavy volume days, then it increases the odds that it might rally on heavy volume in the second half of this week or early next week. Most of the indicators are positive.
The breadth indicators are positive, including the a/d line, new highs/new lows, and McClellan Oscillator, though the latter is not very positive at +10/+14 for the Nasdaq and NYSE.
The stock market acts like this is a cyclical bull market and not a secular bull market as it makes choppy rallies rather than 3-5 heavy volume rally days in a row which occurs in secular bulls.
Support now may be at Dow 9600 and Nasdaq 1900, with upside potential to 10,000-10,300 and 2000-2098.
Gold stocks firmed up a bit while bonds were up modestly today, but the trends remain intact: gold uptrend and bond downtrend for the intermediate/long term. USD is also in downtrend.
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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