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Wednesday, January 03, 2018 11:06:43 AM
Pausing Market Triggers Whipsaw PMO SELL Signals on DP Scoreboards
By: Erin Swenlin | January 2, 2018
Pausing Market Triggers Whipsaw PMO SELL Signals on DP Scoreboards - New ITTM BUY Signal for Gold
On Friday, the SPX, OEX and Dow logged new PMO SELL signals. This was a function of the market consolidating and holiday trading, but it is important to note that these signals are arriving in overbought territory for these PMOs. After today's trading, their PMOs are already decelerating in an attempt to turn around. This means we could see a reversal of these signals very soon.
Gold has been enjoying a strong rally and today it was confirmed by the new IT Trend Model BUY signal.
Let's first look at all four of the Scoreboard indexes. You'll note that the NDX pulled in the first PMO SELL signal, but the other three were not that far behind. The NDX PMO bottomed on today's market action and could lose its PMO SELL signal by the end of the week, if not sooner.
The Dow did not see the gains that the other three indexes enjoyed, but a gain of 0.42% is nothing to sneeze at. However, it wasn't enough to decelerate the PMO. You could make a case for a bull flag on the Dow right now, but looking at that overbought PMO SELL signal, I'm not counting on it executing.
With double the gain of the Dow, the OEX is already seeing its PMO flatten. The margin between the PMO and its signal line suggests this is a whipsaw SELL signal.
The SPX is most certainly looking at a whipsaw PMO SELL signal. It logged a new all-time high today and its PMO has bottomed.
http://stockcharts.com/articles/decisionpoint/2018/01/pausing-market-triggers-whipsaw-pmo-sell-signals-on-dp-scoreboards---new-ittm-buy-signal-for-gold.html
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By: Erin Swenlin | January 2, 2018
Pausing Market Triggers Whipsaw PMO SELL Signals on DP Scoreboards - New ITTM BUY Signal for Gold
On Friday, the SPX, OEX and Dow logged new PMO SELL signals. This was a function of the market consolidating and holiday trading, but it is important to note that these signals are arriving in overbought territory for these PMOs. After today's trading, their PMOs are already decelerating in an attempt to turn around. This means we could see a reversal of these signals very soon.
Gold has been enjoying a strong rally and today it was confirmed by the new IT Trend Model BUY signal.
Let's first look at all four of the Scoreboard indexes. You'll note that the NDX pulled in the first PMO SELL signal, but the other three were not that far behind. The NDX PMO bottomed on today's market action and could lose its PMO SELL signal by the end of the week, if not sooner.
The Dow did not see the gains that the other three indexes enjoyed, but a gain of 0.42% is nothing to sneeze at. However, it wasn't enough to decelerate the PMO. You could make a case for a bull flag on the Dow right now, but looking at that overbought PMO SELL signal, I'm not counting on it executing.
With double the gain of the Dow, the OEX is already seeing its PMO flatten. The margin between the PMO and its signal line suggests this is a whipsaw SELL signal.
The SPX is most certainly looking at a whipsaw PMO SELL signal. It logged a new all-time high today and its PMO has bottomed.
http://stockcharts.com/articles/decisionpoint/2018/01/pausing-market-triggers-whipsaw-pmo-sell-signals-on-dp-scoreboards---new-ittm-buy-signal-for-gold.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!
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