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.
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About the author:Erin Swenlin helped create and manage the DecisionPoint.com website alongside her father, Carl Swenlin.
Together, Erin and Carl launched the DecisionPoint daily blog in 2009.
She hosts the MarketWatchers LIVE web show at StockCharts.com, and is also a Member of the CMT Association.