Many of you may have noticed yesterday's DecisionPoint Alert blog headline, "New PMO SELL Signal for the NDX".
I had thought we'd make it to DP Scoreboards with all BUY signals, but the NDX refused to give up the Long-Term Price Momentum Oscillator PMO SELL signal on the monthly chart yet again. Below are the DP Scoreboards.
Below are the NDX Daily and Monthly charts and then I'll show you the state of the PMO on the remaining DP Scoreboard indexes. The NDX has also broken down from its rising trend channel.
Even On-Balance-Volume OBV is beginning to curl around. As you can see on the monthly chart, there is still a chance that the monthly PMO will generate a crossover BUY signal. Remember, this would change the second red arrow on the DP Scoreboards. The signal will not be official until the last day of the month and much can happen between now and then.
You'll see on the remaining indexes, that the PMO has topped and is heading for negative crossover SELL signals.
The OBV has also topped on all three. Note that all three have also had break downs from rising trend channels or in the case of the OEX, a breakdown from a bearish rising wedge. The NDX appears to be showing the first signs of deterioration among the DP Scoreboard indexes. Looking at the charts for the other three, it is likely the first PMO SELL signal of many.
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DecisionPoint New NDX PMO SELL Signal Likely the First of Many Erin Heim March 07, at Technical Analysis is a windsock, not a crystal ball. Carl Swenlin is a veteran technical analyst who has been actively engaged in market analysis since Carl is a member of the Market Technicians Association.
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