***** Technical Analysis (July 15)****
The market was choppy this past week while the intermediate technicals remained slightly positive.
With more of a short term rally, this market will reach very overbought levels in many indicators.
Dow 10,800, Spx 1250-1260, Nasdaq 2200-2250 are still within reach as a possible top.
Breadth and breadth momentum indicators indicate that the rally might not be over yet.
If bearish divergences show up at the next market top, a bearish reversal will likely occur. Then we shall see if a double top will ensue.
Crude oil was also choppy but also may not have topped out yet. A retest of 62 for spot crude is likely in the next 1-2 weeks.
Bonds fell recently as 10 year yields are now about 4.1% and the range may continue to be 3.8% to 4.2%.
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. |
