***** Technical Analysis (August 15)****
The markets appeared to give a ST sell signal last week as evidenced by breadth momentum indicators. The indices did not quite reach my targets.
The following link is to the NASI weekly chart that is one of several indications that was very weak last week.
stockcharts.com[m,a]waclyyay[pc30!c20][vc60][iUd20!Ua12,26,9]&pref=G
The question now is whether the market can stop the decline and mount another advance. The odds are that we will see either a double top or a lower high, rather than a higher high.
Even energy stocks can get caught in a downdraft in the general marketplace, so they could correct as well.
Late August to mid-October can be troublesome, especially when the market is very overbought which it was two weeks ago.
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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