***** Technical Analysis (April 28)****
The stock market has gathered some strength in the past few days and week, and may have more upside potential in the week to come. It does not seem likely that this is the beginning of a new bull market in the overall stock market but instead, a ST bullish trend for some blue chips and resource stocks.
Overall the market has mostly been rangebound, while the Dow has made new recovery highs this past week and appear likely to test the all-time highs in the next month or two.
Below is an important indicator:
stockcharts.com[m,a]waclyyay[pc30!c20][vc60][iUd20!Ua12,26,9]&pref=G
Below are the McClellan Oscillator and Summation for Nasdaq:
stockcharts.com
Small cap and microcap energy and resource/basic materials stocks have relative strength, especially those in the oilsands sector, and large cap energy stocks have also rallied as crude oil been in the 70's lately.
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.
Dr.Bob no longer hosts Stocktimers meetings on Sunday nights at AOL. |
