***** Technical Analysis (week ending March 5)****
The Dow and other major indices were choppy this past week with some modest strength overall. The Dow remains within striking distance of 11,000.
The Nasdaq TRIN closed Friday at 1.31, 60 minute stochastic crossed up, a/d of 1/1, up/down volume 8/11, on 2.05B shares. Its a/d line is neutral and weaker than the NYSE a/d, as is its Summation Index. The McClellan Oscillator rose to +10, moving by 2 pts, thereby giving a major move signal within 4 sessions. Summation is at +87 as it tries to prevent a reversal below the zero line.
The Nasdaq monthly stochastic is 89% crossed up, weekly 66% crossed down, daily 54% crossed up, hourly 58% crossed down, so it is very mixed in the short and intermediate term. MACD, ROC, OBV, Williams%R, CCI, Acc/Dist and Aroon are neutral, while the DMI (ADX) just turned barely positive as did the Money Flow. RSI is at a neutral 49.7.
Nasdaq is below its 50 dma (2060) but above its 200 dma (1865).
The Dow monthly stochastic is 95% crossed up, weekly 87% crossed down, daily 47% crossed down, hourly 67% crossed up. The NYSE McClellan Oscillator rose to +23 and Summation Index is at +778 as it remains stronger than the Nasdaq.
The USD fell by a point while gold rose to just above 400 and silver made a big move to close just below 7. Bonds rallied sharply and the energy complex was mostly up as crude oil nears 38.
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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