***** Technical Analysis (April 8)****
The markets were unremarkable technically last week. The McClellan Oscillators are -1 and -3 for the NYSE and Nasdaq, with the 10% component decidedly negative for the Nasdaq still.
The weekly stochastics are still crossed down but not yet oversold enough to warrant a buying opportunity, nor are other indicators, including the following:
stockcharts.com[s,a]daclyyay[df][pc50!c35][vc60]&pref=G
The energy stocks are also prone to more of a correction as the spot crude price seems likely to test 52, and possibly the 50 psychological support level, in the next week.
But the overall trend for this strong sector remains bullish while few, if any others, can say the same.
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.
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