***** Technical Analysis (Dec. 17)****
The daily stochastics and Summation Indexes have weakened to neutral to slightly negative. The daily stochastics are overbought while the weeklies are not overbought.
The overall market reached oversold conditions over a month and half ago and have since turned up, and are started to get momentum to the upside, and now have stalled.
Usually solid bottoms are marked by extremely oversold levels on intermediate term technical indicators but not always.
They had reached moderately oversold conditions but not extremely so.
The recent uptrend has taken us to moderately overbought levels but not extremely so. Bulls need to see a resumption of the uptrend within the next couple of days, or the majority of short-intermediate term indicators will turn negative.
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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