DP Bulletin: S&P 100 ($OEX) Generates ST PMO SELL Signal; S&P 500 Generates ST Trend Model NEUTRAL Signal


Today the S&P 100 Index ($OEX) daily PMO crossed down through its signal line and generated a short-term PMO SELL signal. Of the four major indexes on our score board, three have switched to short-term PMO SELL signals. Additionally, the S&P 500 Index 5EMA crossed down through the 20EMA, generating a Short-Term Trend Model NEUTRAL signal.

Yesterday the same signal was generated on the Nasdaq 100 Index ($NDX), and I complained that the crossover was not 'robust.' I have no similar complaint about today's $OEX PMO crossover. On Monday the PMO topped and today's crossover was quite decisive, as we can see on the chart below.

The S&P 500 5EMA/20EMA downside crossover results in a ST Trend Model NEUTRAL signal (rather than a SELL signal) because the crossover took place while the 20EMA was above the 50EMA.

Happy Charting!
- Carl

Technical Analysis is a windsock, not a crystal ball.

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Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)


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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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