Just a short note to alert readers to the two new Short-Term Trend Model Neutral signals on the NDX and OEX. These signals are triggered when the 5-EMA crosses below the 20-EMA while ABOVE the 50-EMA. If the crossover occurs BELOW the 50-EMA, then you have a STTM SELL signal.
The rising trend on the NDX was broken along with support at the Aug/Oct tops. The next line of support would be at about 7300.
The rising wedge has executed. The tops from Oct/Nov could provide strong support and an opportunity for price to bounce back somewhat. However, PMO and OBV are very negative, which doesn't inspire confidence in this support line.
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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:
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.