***** Technical Analysis Oct. 29)****
The markets fell on Monday but rallied sharply mid-week for two sessions that has turned most of the technical indicators positive.
The Nasdaq monthly stochastic is improved at 80% crossed down, weekly rose to 73% crossed up, daily is 89% crossed up, hourly is 81%. The McClellan Oscillator rose to +14, and its Summation reversed course above the zero line to +61.
The Nasdaq MACD, Williams%R, CCI, Money Flow, Acc/Dist and Aroon are all now positive while the RSI rose to 61.9.
The VIX and VXN MACDs continue to be slightly crossed up so the rally has not been confirmed yet for those.
The Dow monthly stochastic rose to 78% crossed down, weekly rose sharply to 41% crossed up from 1% last week, daily is 56% crossed up, hourly is at 90%. The NYSE McClellan Oscillator improved to +13 and its Summation is at +685. The Dow closed above the psychological support level of 10,000 and may be attempting the 10,250 area as the momentum appears to be up for the near term.
The Nasdaq has risen above its 50 and 200 dma while the 50dma is still below the 200dma.
The bulls came to the rescue this past week and prevented a nasty decline and now they have the upper hand technically in the near term, and perhaps in the short term.
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. There are many other TA structures, strategies and systems.
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