Today the weekly PMO for the Dow Jones Industrial Average ($INDU) crossed up through its signal line and generated a weekly PMO BUY signal.
We can see on the weekly chart that the PMO has been running flat well above the zero line since April, which indicates that price has been moving up at a steady pace.
Check the DP Weekly Wrap for a recap of the week's market action.
Happy Charting!
- Carl
Technical Analysis is a windsock, not a crystal ball.
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Helpful DecisionPoint Links:
DecisionPoint Shared ChartList and DecisionPoint Chart Gallery
Price Momentum Oscillator (PMO)
Swenlin Trading Oscillators (STO-B and STO-V)
About the author:
Carl Swenlin is a veteran technical analyst who has been actively engaged in market analysis since 1981. A pioneer in the creation of online technical resources, he was president and founder of DecisionPoint.com, one of the premier market timing and technical analysis websites on the web. DecisionPoint specializes in stock market indicators and charting. Since DecisionPoint merged with StockCharts.com in 2013, Carl has served a consulting technical analyst and blog contributor.
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