***** Technical Analysis (June 6)*****
Despite positive internals and very heavy volume during the early morning rally in which the Dow rose over 170 points and the S&P 500 rose above 1,000, the market reversed sharply down into the close.
The Nasdaq was the worse hit with a TRIN of 1.38, a/d of 5/6 but up/down volume was worse at 11/18, indicating some distribution, on 3.0B shares. The Williams%R worsened to neutral but the others remained the same. The rate of change improved to neutral yesterday.
The Nasdaq/NYSE McClellan Oscillators dropped to +24/+30, respectively, but their 10% indexes are still above the 5% indexes and the zero lines, so the market may rally again after a reset.
While the market is likely to continue the weakness into Monday's trading, the positive momentum is not likely to end abruptly and another assault on Dow 9077 and S&P 500 is probable.
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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