***** Technical Analysis (July 1)****
No change to report for the short-intermediate term technical indicators: weekly stochastics crossed up, breadth and breadth momentum indicators remain modestly positive.
The ST is neutral, without a strong signal either way. The Nasdaq McClellan Oscillator is +3 while the NYSE one is +5.
The Fed rate hike this past week didn't spur selling or buying in any significant way. Rate hikes and high oil prices have not broken this market so there is a decent chance that the indices will trade higher sometime this summer barring significant negative news or development.
Semiconductor and energy stocks continue to show relative strength. Bonds remain fairly firm and even gold/silver looks positive.
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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