DrBob Technical Analysis (July 9) 3:04am
The weakness today Wednesday was modest with positive trading indexes on the Nasdaq and NYSE and thus there was not significant distribution occurring.
The technical indicators were virtually unchanged and I am waiting to see if the MACD will turn back down and if the slow stochastics will make a double top. Also, it will be interesting to see if the Summation Index makes lower highs and lower lows in July, while the indexes rally.
Another important issue is the overall volume on rally days as we may retest the highs for the Dow at 9352 to see if there is a lack of strong accumulation then.
Overall the market has appeared very mixed with some issues making new recovery highs while others lag. The month of July or the first half of August could see the ultimate highs before a major trend reversal.
Gold has been modestly weak while bonds have continued their slump after hitting highs in mid-June. They are oversold so a bounce could happen anytime and we shall see if it is just a bounce or a strong rally to retest the prior highs.
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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