***** Technical Analysis (week ending March 12)****
The Dow fell below 10,200 on Thursday, considered a support level, and reversed up on Friday to close at 10,240 but down almost 500 points from the recent recovery high. The Nasdaq has been weaker for a few months now, closing down for the week, at 1984, below the psychological support level of 2000. The S&P 500 has been one of the strongest indices of late but it also has declined, closing at 1120 on Friday.
The Nasdaq TRIN closed Friday at .62, 60 minute stochastic crossed up, a/d of 131, up/down volume 14/3, on light volume of 1.7B shares, so the accumulation was not convincing. Its a/d line is neutral and weaker than the NYSE a/d, as is its Summation Index. The McClellan Oscillator rose to -29, after having been extremely oversold, and needs a positive follow through early this coming week to prevent another downdraft. Summation is at -87 as it fell below the zero line, a negative development for the intermediate term unless it can turn back up within a week or two.
The Nasdaq monthly stochastic is 83% crossed up, weekly 45% crossed down, daily 27% uncrossed, hourly 60% crossed down. The MACD, DMI (ADX), CCI, Money Flow, Acc/Dist and Aroon are negative. The Williams%R is neutral while the ROC is positive. The RSI is at 42.
Nasdaq is below its 50 dma (2060) but above its 200 dma (1865).
The Dow monthly stochastic is 85% crossed up, weekly 59% crossed down, daily 18% crossed down, hourly 33% crossed up. The NYSE McClellan Oscillator rose to -29 and Summation Index is at +654 as it remains stronger than the Nasdaq.
The USD rallied this week while gold closed near the 400 level and silver closed just above 7. Bonds rallied sharply this week and the energy complex was choppy and mixed, closing slightly lower this week.
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.
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