***** Technical Analysis (September 18)****
To no one's surprise, the market retested the highs and broke above them as the market internals were positive enough during the session. There is probably more upside for this market in the next week or two.
The technical indicators improved slightly and remain the underpinning for this rally along with fund inflows and bullish sentiment.
The averages can have a brief profit-taking pullback any time now but the path of least resistance is up. Ultimately we should have a double top reversal formation but that might not occur for some time if volume stays reasonably heavy during this rally.
Gold stocks remain firm and in an up trend while bonds are rallying a little.
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.
Dr.Bob no longer hosts Stocktimers meetings on Sunday nights at AOL. |
