***** Technical Analysis (August 29)****
The market keeps edging upwards as the Nasdaq overtook 1812 by a point intra-day, to close at 1810, and the S&P 500 closed just 7 points below the 1015 level.
The Nasdaq McClellan Oscillator rose to +23 from +20 while the NYSE Oscillator rose to +43 from +32.
The MACD, DMI (ADX), and Money Flow got more positive and the RSI rose to 71.2, which is overbought and in order to stay in the 70's, it needs a stronger market rally in the coming week.
Either the volume will increase substantially on rally days in the coming week or the market will come back down in all likelihood.
Market internals and whether we have reversals or strong follow-throughs should signal the next major move.
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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