Today the Nasdaq 100 Scoreboard turned completely green. Well, it lost the only red arrow it was clinging to on the intermediation-term Price Momentum Oscillator (PMO). The equal-weight Consumer Discretionary ETF (RCD) also triggered a new Intermediate-Term Trend Model (ITTM) BUY signal. The charts are below for your review.
With a fresh all-time high logged and a breakout above previous short-term resistance, I suspect this signal will hold this time barring a serious pullback or correction.
I think my only caution on this ITTM BUY signal is that overhead resistance that has held since it was set back in December 2016.
Helpful DecisionPoint Links:
DecisionPoint Shared ChartList and DecisionPoint Chart Gallery
Price Momentum Oscillator (PMO)
Swenlin Trading Oscillators (STO-B and STO-V)
*** Erin will be celebrating her marriage and honeymoon 7/25 - 8/21. She'll return as "Erin Wood". Congratulations, Erin!
Technical Analysis is a windsock, not a crystal ball.
Happy Charting!
- Erin
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