***** Technical Analysis (August 21)*****
The Nasdaq led the markets rally today again and closed one point above the prior high resistance level of 1776, and now we shall see if it is a double top or a higher high.
The S&P 500 wasn't able to rally much as it was up 3 points to 1003, but will likely reach the 1015 area if the Nasdaq reached 1800. The Dow is at 9423 and should see 9550 or so if the market has not topped out today.
The technical indicators were little changed. The volume rose modestly to 1.7B/1.4B on the Nasdaq/NYSE.
The Nasdaq/NYSE McClellan Oscillators rose to +35/+44, so there is room for it to get more overbought, but without heavier volume, this indicator may not be able to stay above +30 as it possibly moves towards +50/+60.
Gold and bonds were weak today and that is probably all right for gold stocks as they have been in a strong uptrend while that is not all right for bonds which has been sharply down in the last 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.
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