***** Technical Analysis (May 13)****
The market took a nosedive mid-week and some of the luster was lost after the prior week's rally from oversold levels of 3 weeks ago.
Now the daily stochastics are crossed up but weeklies are no longer crossed up but are not crossed down either.
The McClellan Oscillator is no longer positive and is more neutral.
There is still a chance that the bottom of last month will hold and that there is more upside to be gained in the weeks to come, but a bullish reversal is needed this week for that to occur.
Crude oil and energy prices fell in the past week as did energy stocks. But they remain in a secular bull market as they continue in their trend channels.
The USD rallied sharply and that has hurt gold and energy, but the dollar has not yet shown that it has reversed its secular bear market yet.
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. |
