DP Bulletin: Nasdaq 100 ($NDX) Generates ST PMO SELL Signal


Today on the daily chart the Nasdaq 100 ($NDX) PMO dropped below its signal line and generated a short-term PMO SELL signal.

This is not what I would call a robust crossover. It is more the inevitable result of price running flat to slightly down, which causes the PMO and signal lines to drift sideways, gradually closing the gap and crossing. Examples of 'robust' crossovers would like the ones in June and July. In neither case do we have to squint to guess the direction or relative position of the PMO.

Today we heard endless commentary about the confrontation with North Korea having an effect on the market. Sorry, but I just don't see it yet. We've been expecting a pause/correction, and, in my opinion, that is what we're seeing now. If North Korea is weighing on the market, it is not a very heavy weight. I am not saying that the situation isn't serious, because it is. It's just that the market doesn't seem to think so yet.

Happy Charting!
- Carl

Technical Analysis is a windsock, not a crystal ball.

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Price Momentum Oscillator (PMO)

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Carl Swenlin
About the author: is a veteran technical analyst who has been actively engaged in market analysis since 1981. He was the founder of Decisionpoint, one of the web's premier market timing and technical signal services, which was acquired by in 2013. Carl has contributed his market commentary and expert analysis to StockCharts since then. He is a Member of the CMT Association. Learn More
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