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Tuesday, February 27, 2018 7:23:47 AM
Flags Execute on Major Indexes - New BUY Signals on DP Scoreboards
By: Erin Swenlin | February 26, 2018
The DP Scoreboard transformation actually began on Friday when the NDX grabbed a new PMO BUY signal after already logging a ST Trend Model BUY signal. It appears the other indexes are falling in line as their 5-EMAs crossed above 20-EMAs to generate ST Trend Model BUY signals too. When you look at the Scoreboard charts, you'll notice a few commonalities. First, most have formed bull flags and are now executing those flags. Second, I'll be writing another signal change article tomorrow (unless we see a steep decline) as all three PMO SELL signals will likely switch to BUY signals. This will put all four Scoreboards in the green again. This doesn't have the earmarks of a bear market. More churning may be necessary, but the execution of these flags is very encouraging.
The NDX is about ready to challenge all-time highs again. I wouldn't describe price action on the NDX as a 'flag formation', but clearly the breakout was impressive and we have a new PMO BUY signal.
You'll notice the flags on the remaining indexes and the clear execution of all three. The PMOs are within hundredths of a point of positive crossover BUY signals. While there remains some overhead resistance ahead of the all-time highs, the NDX broke above its short-term resistance line so I expect the other three to follow suit.
The OEX was decimated and really dropped down to healthy correction territory. The new flag formation and ST BUY signal suggests all-time highs will be reached again.
While I didn't annotate the flag on the Dow, I think you can make a case for its existence. The OBV looks healthy and the new ST Trend Model BUY signal suggest more upside off this breakout from the consolidation zone.
Technical Analysis is a windsock, not a crystal ball.
Happy Charting!
- Erin
http://stockcharts.com/articles/decisionpoint/2018/02/flags-execute-on-major-indexes---new-buy-signals-on-dp-scoreboards.html
• DiscoverGold
By: Erin Swenlin | February 26, 2018
The DP Scoreboard transformation actually began on Friday when the NDX grabbed a new PMO BUY signal after already logging a ST Trend Model BUY signal. It appears the other indexes are falling in line as their 5-EMAs crossed above 20-EMAs to generate ST Trend Model BUY signals too. When you look at the Scoreboard charts, you'll notice a few commonalities. First, most have formed bull flags and are now executing those flags. Second, I'll be writing another signal change article tomorrow (unless we see a steep decline) as all three PMO SELL signals will likely switch to BUY signals. This will put all four Scoreboards in the green again. This doesn't have the earmarks of a bear market. More churning may be necessary, but the execution of these flags is very encouraging.
The NDX is about ready to challenge all-time highs again. I wouldn't describe price action on the NDX as a 'flag formation', but clearly the breakout was impressive and we have a new PMO BUY signal.
You'll notice the flags on the remaining indexes and the clear execution of all three. The PMOs are within hundredths of a point of positive crossover BUY signals. While there remains some overhead resistance ahead of the all-time highs, the NDX broke above its short-term resistance line so I expect the other three to follow suit.
The OEX was decimated and really dropped down to healthy correction territory. The new flag formation and ST BUY signal suggests all-time highs will be reached again.
While I didn't annotate the flag on the Dow, I think you can make a case for its existence. The OBV looks healthy and the new ST Trend Model BUY signal suggest more upside off this breakout from the consolidation zone.
Technical Analysis is a windsock, not a crystal ball.
Happy Charting!
- Erin
http://stockcharts.com/articles/decisionpoint/2018/02/flags-execute-on-major-indexes---new-buy-signals-on-dp-scoreboards.html
• DiscoverGold
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
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