| Followers | 679 |
| Posts | 140863 |
| Boards Moderated | 36 |
| Alias Born | 03/10/2004 |
Tuesday, June 13, 2017 8:31:32 AM
~~~ Nasdaq 100 New PMO SELL Signal
By Erin Heim | June 12, 2017
Nasdaq 100 New PMO SELL Signal - New ITTM BUY Signal for Financial SPDR (XLF)
As the market closed, I received a Technical Alert that the NDX had triggered a PMO SELL signal. Additionally, I received notice that a new Intermediate-Term Trend Model (ITTM) BUY signal just occurred today on the Financial SPDR (XLF). I've updated the NDX Scoreboard. It is the first PMO SELL signal to occur since the recent pullback. It's not surprising as we've been seeing the technology sector hit hard over the past week with big declines from major players like Apple (AAPL), Nvidia (NVDA) and Facebook (FB).
Yesterday's plunge on the NDX brought price below support at the mid-May top. At this point, I believe support will hold at 5550 or 5500. It's been time for a pullback in the technology sector and I think it's just about finished. We'll want to watch the direction of the PMO this week. I do want to point out that the last PMO SELL signal only resulted in mostly sideways consolidation. I suspect we'll see something similar this time around as well.
At the end of today's MarketWatchers LIVE show, Tom and I were asked the question, "If you could only hold one sector ETF, which would it be?" Tom's reply was XLF and you can see why. Really nice breakout today on a new ITTM BUY signal. I also note that a PMO BUY signal in oversold territory appeared late last week. The SCTR is heading toward the "hot zone" above 75. The Fed will publish its minutes this week. This could effect this sector greatly if guidance isn't what everyone expects (rate hikes).
FYI, my ETF hold is Technology (XLK), it's following the NDX above and pulling back. Notice that the prior PMO SELL signals resulted in consolidation. I'm expecting the same with an entry when the $54 level is hit.
Technical Analysis is a windsock, not a crystal ball.
Happy Charting!
- Erin
http://stockcharts.com/articles/decisionpoint/2017/06/nasdaq-100-new-pmo-sell-signal---new-ittm-buy-signal-for-financial-spdr-xlf.html
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By Erin Heim | June 12, 2017
Nasdaq 100 New PMO SELL Signal - New ITTM BUY Signal for Financial SPDR (XLF)
As the market closed, I received a Technical Alert that the NDX had triggered a PMO SELL signal. Additionally, I received notice that a new Intermediate-Term Trend Model (ITTM) BUY signal just occurred today on the Financial SPDR (XLF). I've updated the NDX Scoreboard. It is the first PMO SELL signal to occur since the recent pullback. It's not surprising as we've been seeing the technology sector hit hard over the past week with big declines from major players like Apple (AAPL), Nvidia (NVDA) and Facebook (FB).
Yesterday's plunge on the NDX brought price below support at the mid-May top. At this point, I believe support will hold at 5550 or 5500. It's been time for a pullback in the technology sector and I think it's just about finished. We'll want to watch the direction of the PMO this week. I do want to point out that the last PMO SELL signal only resulted in mostly sideways consolidation. I suspect we'll see something similar this time around as well.
At the end of today's MarketWatchers LIVE show, Tom and I were asked the question, "If you could only hold one sector ETF, which would it be?" Tom's reply was XLF and you can see why. Really nice breakout today on a new ITTM BUY signal. I also note that a PMO BUY signal in oversold territory appeared late last week. The SCTR is heading toward the "hot zone" above 75. The Fed will publish its minutes this week. This could effect this sector greatly if guidance isn't what everyone expects (rate hikes).
FYI, my ETF hold is Technology (XLK), it's following the NDX above and pulling back. Notice that the prior PMO SELL signals resulted in consolidation. I'm expecting the same with an entry when the $54 level is hit.
Technical Analysis is a windsock, not a crystal ball.
Happy Charting!
- Erin
http://stockcharts.com/articles/decisionpoint/2017/06/nasdaq-100-new-pmo-sell-signal---new-ittm-buy-signal-for-financial-spdr-xlf.html
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
