***** Technical Analysis (November 5)****
The market indices were little changed today as were the technical indicators.
The Nasdaq MACD did worsen to almost neutral from positive and the McClellan Oscillator declined by 2 to +8, giving a major move signal again.
All other indicators are virtually unchanged, with most of them still positive, but the market needs to rally very soon or risk a further drop.
Market internals tomorrow will signal the day's trend, especially if the up/down volume is extreme.
While gold stocks remain in a long term uptrend, the shorter term risk has increased. The bond market has steadied but another downdraft is likely in the weeks to come.
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. |
