***** Technical Analysis (June 19)*****
The markets sold off today as traders took profits. The Dow needs to hold above 9000 psychological support if it is to prevent a further decline.
The McClellan Oscillators fell into very negative territory today, with -24/-40 readings for the Nasdaq/NYSE, respectively.
The next couple of days could provide evidence whether this is another resetting retracement of minor proportions or if it is the beginning of a trend reversal.
We probably will see some strength in the next 2-3 days as bulls will not give up easily.
Market internals, especially up/down volume, and closing action may give good clues to the answer.
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.
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