***** Technical Analysis (November 6)****
The market's late rally pushed the Nasdaq MACD to positive and kept the others in positive territory, except the Rate of Change.
The Nasdaq McClellan Oscillator rose to +13 from +8 and the NYSE to +11 from +8, another major move signal. The 10% indexes are above their 5% indexes.
The stochastics all improved and are crossed up. The Nasdaq TRIN was a positive .58, with a/d of 18/13, up/down volume of 5/2, on heavy volume of 2.15B shares.
The NYSE TRIN was a mildly positive .77, with a/d of 18/13, up/down volume 9/5, on moderate volume of 1.4B shares.
The sentiment indicators remain mixed. Gold was flat while bonds were sharply lower today, resuming its downtrend that started in June.
Overall, the market remains in a choppy uptrend and Dow 10,000 is the first likely target, then 10,300 after a pullback. The Nasdaq made a new recovery high today at 1978 and should reach 2,000 shortly.
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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