***** Technical Analysis (September 12)****
The market whipsawed all day as traders were mixed up from mildly disappointing retail sales news, Friday's opposite trend influence (to the upside as the week was down prior to today), overbought technicals in the short-intermediate term and high valuations, positive sentiment, and mutual fund inflows of late.
The bears had another chance to accelerate the recent weakness but were ultimately unable to do so, with an intra-day trend reversal to the upside.
The day finished with Nasdaq McClellan Oscillator at +5, up from +2 yesterday, as this indicator flirted all day with turning back down below zero until the late rally.
The indications are very mixed for the short term and short-intermediate term signals. There is a reasonably good chance for a retest of the recent recovery highs of 9609/1032/1888 for the major indices in the next 1-2 weeks, perhaps a bit longer to get there.
Gold was down slightly while bonds rallied and may retrace even more in the weeks ahead.
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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