On Friday, the OEX managed to get both a new Short-Term Trend Model (STTM) BUY signal and a Short-Term Price Momentum Oscillator (PMO) BUY signal. At the time the Dow was the only Scoreboard to not have ST buy signals. Today that changed with a new STTM Buy signal for the Dow. The PMO missed a positive crossover on the Dow by less than one hundredth of a point. So expect to see it tomorrow.
In the case of the OEX, I like the new rising trend channel that is forming. The Dow isn't too bad with a symmetrical triangle. Symmetrical triangles are continuation patterns, so we should expect an upside breakout.
Helpful DecisionPoint Links:
DecisionPoint Shared ChartList and DecisionPoint Chart Gallery
Price Momentum Oscillator (PMO)
Swenlin Trading Oscillators (STO-B and STO-V)
Technical Analysis is a windsock, not a crystal ball.
Happy Charting!
- Erin
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