***** Technical Analysis (September 11)****
A modest rally on 9/11 may have been a "relief rally" as there have been no terrorist attacks yet today. The technicals changed little today though the Nasdaq McClellan Oscillator did reverse back up from negative territory of -12 to +2, but that move was not impressive and bulls need a follow-through on Friday to confirm the reversal.
The NYSE McClellan Oscillator is in a bit better shape as it improved from +4 to +16.
The Williams%R, ROC and CCI remained neutral while the MACD worsened to neutral after having been positive for several weeks. The OBV, DMI (ADX), Money Flow, Acc/Dist and Aroon remain positive.
The a/d line and new highs/new lows remain positive.
Today's volume was lighter at 1.75B (Nasdaq) and 1.3B (NYSE) while the TRINs were positive at .45 and .78.
Sentiment remains mixed with advisors being too bullish and the VIX/VXN and their MACDs giving mixed signals.
The bears had an opportunity to break down this market technically in the last two days and today's mild rally may have saved the day with S&P 500 holding above 1,000 for the time being.
Gold and bonds appear to be in rally mode in the short term, with higher prices on stocks, gold, and bonds possible in tandem which is not that frequent.
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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