DecisionPoint

DP Bulletin #1: Momentum Moves Bearish on Scoreboard Indexes - SELL Signals Reinstated

 | 

As of today's market close, all four Scoreboards have moved back to PMO SELL signals. The OEX was the first to go on Thursday, followed by the SPX and NDX on Friday and the Dow today.



Below are the daily charts for all four indexes with the new SELL signals annotated.

The Dow is within a trading zone, but I would expect a test of the rising bottoms trendline.

SPX held rising bottoms support, but I don't believe it will last. 2850 (July top) is safe support, but if it were to fail, the pullback could become more serious.

Watch for a move to support around 7300.

This rising wedge should execute to the downside. I would watch support at 1260 (also July top) as a likely test point.

 


Technical Analysis is a windsock, not a crystal ball.

Happy Charting!
- Erin


Helpful DecisionPoint Links:

Erin's PMO Scan

DecisionPoint Shared ChartList and DecisionPoint Chart Gallery

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking


**Don't miss DecisionPoint Commentary! Add your email below to be notified of new updates"**


 

Erin Swenlin
About the author: is a co-founder of the DecisionPoint.com website along with her father, Carl Swenlin. She launched the DecisionPoint daily blog in 2009 alongside Carl and now serves as a consulting technical analyst and blog contributor at StockCharts.com. Erin is an active Member of the CMT Association. She holds a Master's degree in Information Resource Management from the Air Force Institute of Technology as well as a Bachelor's degree in Mathematics from the University of Southern California. Learn More
Subscribe to DecisionPoint to be notified whenever a new post is added to this blog!
comments powered by Disqus