***** Technical Analysis (for April 15)*****
Volume picked up on the NYSE while rallying today and some of the technical indicators improved from their bearish divergences' signals, namely, the ROC and OBV.
The Nasdaq TRIN closed at a positive .72, with a/d of 17/13, up/down volume 7/5, on light volume of 1.3B shares. The MACD improved but is still slightly negative (yesterday's MACD reading was incorrectly posted as neutral when it was negative), but the ROC and OBV have improved to neutral in the last couple of days. The others were unchanged. The RSI rose to 55.8.
The Nasdaq McClellan Oscillator rose to +27, while the 10% index is above the 5% index and the zero line. The weekly stochastic is 51% crossed up while the daily is 58% crossed down and the hourly is 93%.
The NYSE TRIN closed at a neutral .93, with a/d of 21/11, up/down volume 2/1, indicating modest accumulation, on volume of 1.4B shares, up from 1.1B shares. The McClellan Oscillator rose to +44 and nearing the +50 to +60 overbought level.
The VIX was little changed at 26 while the VXN declined to a low 36.5 reading, a reflection of the bullish trend. The put/call ratio is at .87 and its 50 dma is at .84, giving a neutral reading along with its MACD. Investors Intelligence shows 51% bullish advisors vs. only 31% bearish ones, giving a negative reading from a contrarian point of view, though this signal can be a leading one by many days or a few weeks.
The Dow seems poised to at least retest 8522 resistance and if the internals are strong enough at that time, it will break above it. Same goes for the Nasdaq resistance at 1430. Thus the short term appears positive but without heavier volume, the rally is not a bull market one.
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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