All four Scoreboard indexes have PMO BUY signals as of today. The Dow was the laggard, but between Friday's and today's rallies, momentum has shifted enough to push the PMO over its signal line.
While we do have a PMO BUY signal, I'm not impressed with the daily chart for the Dow. The declining tops trendline was not broken today so the bearish descending triangle remains intact.
Technical Analysis is a windsock, not a crystal ball.
Happy Charting!
- Erin
Helpful DecisionPoint Links:
DecisionPoint Shared ChartList and DecisionPoint Chart Gallery
Price Momentum Oscillator (PMO)
Swenlin Trading Oscillators (STO-B and STO-V)
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About the author:
Erin Swenlin is a co-founder of the DecisionPoint.com website along with her father, Carl Swenlin. She launched the DecisionPoint daily blog in 2009 alongside Carl and now serves as a consulting technical analyst and blog contributor at StockCharts.com. Erin is an active Member of the CMT Association. She holds a Master's degree in Information Resource Management from the Air Force Institute of Technology as well as a Bachelor's degree in Mathematics from the University of Southern California.
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