Thursday, May 18, 2017 11:10:10 AM
SPX 50-day sma rejected by today's SPX bounce, as of 11:11 a.m. eastern
* do NOT ignore the importance of the PMO sell signal for the SPX
2 good articles about PMO with updated charts are here by the technicians at SC -
http://stockcharts.com/articles/decisionpoint/2017/05/dp-scoreboards-pmo-sell-signals-reflect-big-shift-in-momentum.html#.WRy5QMg60rA.twitter
https://stockcharts.com/freecharts/dpgallery.html
* one possible bullish argument now is the lower BB has held when tested from above ... time will tell
* a strong ongoing bearish argument while the condition continues,
is that the McClellan Summation index for the SPX has been
unable to surpass its "ledge resistance" from the late March period
* do NOT ignore the importance of the PMO sell signal for the SPX
2 good articles about PMO with updated charts are here by the technicians at SC -
http://stockcharts.com/articles/decisionpoint/2017/05/dp-scoreboards-pmo-sell-signals-reflect-big-shift-in-momentum.html#.WRy5QMg60rA.twitter
https://stockcharts.com/freecharts/dpgallery.html
* one possible bullish argument now is the lower BB has held when tested from above ... time will tell
* a strong ongoing bearish argument while the condition continues,
is that the McClellan Summation index for the SPX has been
unable to surpass its "ledge resistance" from the late March period
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