| ***** Technical Analysis (May 13)***** 
 The market once again reversed an earlier mild selloff today, Tuesday, with the Nasdaq market internals ending positive.
 
 The Nasdaq TRIN closed at a positive .68, with a/d of 16/15, up/down volume of 11/7, on moderate volume of 1.85B shares. The technical indicators were unchanged, with almost all of them being positive. The RSI was unchanged as well at 69.
 
 The Nasdaq McClellan Oscillator dropped to +29 from +35 and its 10% index is getting extreme again. The stochastics are crossed up except the hourlies which are slightly crossed down.
 
 The NYSE TRIN closed at a neutral 1.04, with a/d of 1/1, up/down volume 13/14, on light volume of 1.4B shares, as most of the action today was on the Nasdaq. The McClellan Oscillator dropped to +32 from +44.
 
 The VIX MACD is uncrossed as it has been for a couple of days now while the VXN is still crossed up, so these are giving mixed signals. The put/call ratio declined to .67. The advisors are extremely bullish which is a negative sign if it stays this way but this is not a good short term timing tool but an intermediate one.
 
 The Nasdaq has had strong relative strength and speculative tech stocks have rallied recently, which may ultimately signal a top, but for now, the positive momentum may allow for another rally this week because we have taken out the recent highs again. Next resistance is at 1570-1600, probably 1600.
 
 The Dow should not find it hard to get to 8800 and it may not find much resistance there if market internals are quite positive on that rally day. Dow 9043-9077 is the next major resistance level and we shall see if we get bearish divergences at the next resistance levels.
 
 The S&P 500 has a good chance of retesting 965.
 
 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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