***** Technical Analysis (August 28)*****
The markets did follow-through today from yesterday's rally which turned the Summation Index upward due to the McClellan Oscillators' readings of +13/+17 yesterday. Today's readings are +20/+32 for the Nasdaq/NYSE Oscillators.
The Nasdaq TRIN closed at a very positive .53, with a/d of 19/12, up/down volume of 5/2, indicating moderate accumulation, on light volume of 1.5B shares. The RSI rose to 69.6 and it getting extreme. The index had its highest recovery close at 1800 and is very close to its intra-day high of 1812 from last week.
The NYSE TRIN closed at a mildly positive .81, with a/d of 22/9, up/down volume of 8/3, on light volume of 1.15B shares.
The strong close today implies a positive opening tomorrow morning but Friday's lately have gone in the opposite direction of the prior 4 days' trend, which this time has been up.
Gold is hanging in tough at high levels while the bonds rallied to bring down the rates to under 4 1/2% for the 10 year notes.
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.
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