On Friday, the Dow finally saw its weekly PMO cross above its signal line and trigger a long awaited BUY signal. The SPX also added a new PMO BUY signal on its daily chart on Friday. Today, the OEX generated a ST PMO BUY signal. I had thought the NDX would come through with a PMO BUY signal of its own, but it just barely missed the crossover today.
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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