***** Technical Analysis (for April 24)*****
The markets couldn't break out above resistance today, which might imply that we are headed for some weaker days as the rule dictates.
The Nasdaq TRIN was .95, with a/d of 13/17, up/down volume 7/9, on moderately light volume of 1.65B shares. The MACD, Williams%R, DMI, CCI, Acc/Dist and Aroon remain positive and the DMI has +DI and -DI that are extreme. The RSI dropped to 66 from 69. The Money Flow, rate of change and OBV remain neutral.
The Nasdaq McClellan Oscillator dropped to +36, with the Summation Index continuing to rise at +149 and its 10% index is still extreme. The weekly and daily stochastics are still crossed up while the hourly crossed down.
The NYSE TRIN closed at a negative 1.52, w ith a/d of 13/19, up/down volume 1/2, on 1.5B shares. The McClellan Oscillator fell to +38 as it is difficult to maintain the +59 level from the last two sessions.
The VIX and VXN were little changed and they remain crossed down. The put/call ratio rose to .80 but its MACD is giving a slightly negative reading. Advisors are so bullish that it gives a negative reading.
The market could have a correction and then rally back up but the risk-reward ratio is not very good for longs from a position trading viewpoint though in the short term of 2 days to 2 weeks it could be rangebound still at these levels.
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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