***** Technical Analysis (March 11)****
The markets were mixed this week as it was very choppy as were the sectors, including energy.
The Summation Indexes are still headed downward while the stochastics and MACD are weak as well. The question now is whether the bears can accelerate the selling pressure or if the internals will improve enough to warrant a rally.
The energy stocks finally showed weakness this past week and many fell 15-20% over the past week and half from their highs. Now the action will be very choppy, up and down, in all likelihood, for the next week or two, as profit-takers and dip-buyers will trade-off.
Rising interest rates have added to the selling pressure that the high oil prices have provided, so now there is a double whammy.
The markets are not oversold enough to say that a bottom has been reached yet.
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.
Dr.Bob no longer hosts Stocktimers meetings on Sunday nights at AOL. |
