The OEX hopped on board the SELL signal train as its Price Momentum Oscillator (PMO) crossed below its signal line, which triggered its own Short-Term PMO SELL Signal.
A rising wedge was nearly executed today to the downside. The PMO was yanked below its signal line, which generated the SELL signal. Price closed above the rising bottoms trend line, but I would look for the wedge to proceed as expected... to the downside.
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Technical Analysis is a windsock, not a crystal ball.
Helpful DecisionPoint Links:
Erin's PMO Scan
DecisionPoint Shared ChartList and DecisionPoint Chart Gallery
Price Momentum Oscillator (PMO)
On Balance Volume
Swenlin Trading Oscillators (STO-B and STO-V)
ITBM and ITVM
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About the author:
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.