As promised to the MarketWatchers LIVE viewers and my DecisionPoint Faithful, I am updating you on the latest DP Scoreboard signal change. The NDX's momentum finally deteriorated enough to generate a PMO SELL Signal.
The other three indexes (SPX, OEX, INDU) triggered PMO SELL signals earlier this month.
I'm noticing a small double-top formation now on the NDX. An execution would require a drop below 6240 and the expected minimum downside target would be close to support at 6100. Seeing small-caps increasing positive momentum, I'm not so sure we'll see a big drop in the NDX. The margin between the PMO and its signal line is minuscule so I could be publishing another bulletin tomorrow.
Helpful DecisionPoint Links:
DecisionPoint Shared ChartList and DecisionPoint Chart Gallery
Price Momentum Oscillator (PMO)
Swenlin Trading Oscillators (STO-B and STO-V)
Technical Analysis is a windsock, not a crystal ball.
Happy Charting!
- Erin
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