***** Technical Analysis (for April 16)*****
Volume picked up today on both the Nasdaq and NYSE but that is only a good sign if the market is rallying. Also, it did not pick up enough to warrant a strong leg up scenario.
The Nasdaq TRIN closed at a positive .55, with a/d of 13/16, up/down volume 3/2, on light volume of 1.5B shares.
Interestingly the Money Flow turned negative today on the Nasdaq and the Acc/Dist worsened to moderately negative from mildly negative. And the Nasdaq printed a black stick today due to a negative reversal from the intra-day high of 1418.
The Nasdaq McClellan Oscillator remains in positive territory but declined to +19 from +27. The weekly stochastic is still crossed up at 52% but not by much and the daily is 62% crossed up. The MACD, Williams%R, and CCI are neutral while the DMI and Aroon remain positive. The RSI was little changed at 56.6.
The NYSE TRIN was a negative 1.72, with a/d of 14/17, up/down volume 1/2, on moderately light volume of 1.5B shares. The McClellan Oscillator declined to +31 and its 10% index dropped from high levels of yesterday.
The VIX and VXN were little changed at 26 and 37 respectively, though it should be noted that they have come down significantly despite the market not rallying very much which could be a negative sign. The put/call ratio declined to .65 and its MACD is giving a neutral signal. The advisors are much more bullish than bearish, a negative sign.
As long as the a/d line, new highs/new lows, and McClellan Oscillators are positive, the market may rally once more, but if they continue to weaken and are accompanied by bearish divergences, the market could be in for some hard times in the weeks and months ahead.
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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