***** Technical Analysis (July 8)****
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 modestly positive. The Nasdaq/NYSE McClellan Oscillators have turned more positive and the breadth indicators remain positive, such as a/d line and new highs/new lows.
Semiconductor/tech and energy stocks continue to show relative strength. Bonds weakened a bit while gold/silver look neutral to positive.
Overall the market seems insistent on rallying some more for the time being, but in a choppy fashion as volume is light in summer months. Dow could get back to 10,750, SPX to 1250, Nasdaq 2200-2250, if this scenario proves out.
Crude still has a good chance to reach the mid-60's in the next 1-2 months.
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.
Dr.Bob no longer hosts Stocktimers meetings on Sunday nights at AOL. |
