***** Technical Analysis (June 3)*****
After the Dow had closed above 8522 resistance, it appeared likely that 8800 would be tested and then a close above that implied 9077 will be tested as well, which is the current prognosis.
For today, Tuesday, the market internals were positive on the Nasdaq and neutral on the NYSE as the Nasdaq was up the most percentage-wise, though its gain was modest as well.
The technical indicators were little changed with the Williams%R turning back up to become decidedly positive again. The ROC continued to be negative.
The Nasdaq and NYSE McClellan Oscillators fell a few points but remain in positive territory and if they hold above zero during near term weakness, it might set up another rally that could be significant because the overall volume has held up well with today's Nasdaq volume at 2.1B shares.
It would not be surprising to see some more profit-taking and then a strong rally to reach Dow 9077, at a minimum, in the next week, or even in the next 2-3 days. In any event, it appears likely to see a sharp rally day very soon.
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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