***** Technical Analysis (June 3)****
The daily stochastics have crossed down now and the other momentum indicators have weakened enough to signal a short term downturn at the least.
The Nasdaq Summation is approaching the zero line and some resistance is common near it.
But the intermediate term has a chance of seeing a resumption of the rally after some profit-taking in the next couple of weeks.
Bonds rallied sharply and the 10 year yields came down all the way to the 3.80's intra-day this past week and now the range is probably 3.8% to 4.2%, surprising a lot of market watchers.
Crude oil and natural gas did indeed rally last week with crude now having a better chance to hold above 50, and if so, it will only be a matter of time before 58 is retested.
Gold and other precious metals have stabilized after having fallen for most of the past year, and is the USD, which has been very strong in the past couple of months, starts to turn back down, it will help gold bugs.
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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