***** Technical Analysis (July 3)*****
The market did not rally Thursday as expected but it was up for the week after having been week the prior 2 1/2 weeks. The technical indicators have weakened and have got much stronger during the last week's rally.
The McClellan Oscillators improved to the flat area but couldn't turn positive mid-week. The Summation therefore turned back down, so any rally could come a little later.
The Nasdaq MACD, ROC, OBV, CCI, Money Flow and Acc/Dist are negative.
Sentiment indicators have not improved during the last few weeks despite weakness as most surveys are showing too much bullishness.
The top is either in or we will get a retest, but in either case, most of the rally is probably already over. That will be confirmed by a break in the a/d line and new highs/new lows trend.
Dow resistance is at 9352 while support is at 8250 first, then 7950.
Gold appears to have bottomed a couple of weeks ago and may be ready for another rally.
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.
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