*****Announcement: I am organizing and hosting an upcoming Las Vegas multi-day trip, which serves 3 purposes:
1) To provide an opportunity for Ask DrBob posters and lurkers to meet each other, finally!
2) Dr. Bob will host an informal TA meeting for all to share their TA strategies in person. Bring laptops.
3) Private meeting for those interested in learning about a joint-venture investment situation, in which I am investing in. It is exceptional.
For those interested in any of the aforementioned reasons for the Las Vegas meetings, private message me here at SI or email me: drbob512@msn.com
***** Technical Analysis (week ending July 2)****
The markets were down this past week with most of the internals and technical indicators mixed but a little weaker on the Nasdaq. The Nasdaq continues with its "cross of death," but it has not been confirmed by stochastics, Summation Index, or MACD, and they both (both moving averages) have not started down yet. If they both start down, that would signal a major move down. Watch those others closely for next week as well as they are also critical technically.
The Nasdaq McClellan Oscillator declined for the week to +8 and the Summation has risen to -122 and is now within striking distance of the important zero line but volume needs to increase during rally days to ensure a breakout, and the Oscillator is at risk of going below zero.
The Nasdaq monthly stochastic worsened to 83% uncrossed. The weekly declined to 61% crossed up, daily worsened to 46% crossed down now. The RSI fell to 52 and is now also borderline.
The MACD, Williams%R, CCI and DMI (ADX) worsened to neutral, while the Acc/Dist remained neutral and the Money Flow and Aroon remained positive.
The Dow monthly stochastic declined to 85% crossed up, weekly declined to 47% crossed up, daily declined to 29% crossed down, hourly declined to 7% crossed down. The NYSE McClellan Oscillator rose 2 to +29. The Summation rose to +497. The Dow has resistance at 10,570 and 10,750 and if it fails to take out 10,570, it will be negative technically and should portend much lower prices in the weeks ahead.
If the market can show good internals early next week, then it can attempt to test last week's highs but any late bearish reversals or outside days to the downside would be quite negative for the market because it has to prove that it can reverse rather soon and convincingly.
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. |
