***** Technical Analysis (June 24)****
The market fell sharply on the last two days of the week, and Thursday's action turned the McOsi negative for both the Nasdaq and NYSE. Now we shall see how much follow-through to the downside there will be this week to determine if this is a new trend or just a correction in a cyclical bull rally.
The intermediate signals are still bullish for the most part, such as the weekly stochastics, ema, and macd. The semiconducators have relative strength, which bodes well for this market overall.
Energy prices rose this week to new highs for crude at 60 temporarily and new recent highs for natural gas. While some energy stocks paused, they could resume their strength next week.
Even gold and silver stocks are looking better, trying to catch up to the strength of the spot prices of recent weeks.
The spring-summer rally may continue after this correction despite light volume, until a Fall decline.
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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