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DP Alert: New PMO BUY Signal on NDX

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DiscoverGold Member Level  Thursday, 08/09/18 08:15:19 AM
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DP Alert: New PMO BUY Signal on NDX - Dollar Pulls Back a Little More
By: Erin Swenlin | August 8, 2018

The DecisionPoint Scoreboards are nearly all "green" with BUY signals. Today the NDX completed its green Scoreboard with a PMO BUY signal on the daily chart. The Technology Sector (XLK) and the NDX ETF (QQQ) also logged new Short-Term PMO BUY signals. It appears the tech sector is coming back with a roar.



I see a bullish confirmation between PMO bottoms and price bottoms as well as OBV and price bottoms. We have a healthy rising trend channel and new all-time highs could be challenged over the next few days.



SECTORS

The Sector Scoreboard shows that technology isn't the only bullish sector with momentum. The only SELL signal left is the Long-Term Trend Model signal for Consumer Staples. A peak at the chart shows



Each S&P 500 Index component stock is assigned to one, and only one, of 10 major sectors. This is a snapshot of the Intermediate-Term and Long-Term Trend Model signal status for those sectors.



STOCKS

IT Trend Model: BUY as of 5/11/2018

LT Trend Model: BUY as of 4/1/2016

SPY Daily Chart: The SPY remains in a nice rising trend channel and made a new all-time high yesterday. Price remains above support at the July top. The PMO bottomed above its signal line which I find especially bullish.



Climactic Market Indicators: I'm not worried much about the upper Bollinger Band penetration mainly because we aren't seeing any climactic breadth readings. We saw the same reading yesterday and today saw a halt to the rally. My thought is that today was the 'bearish conclusion' of the upper band breakout. Although, I wouldn't be looking for a big breakout. I think there is some churning left to do.



Short-Term Market Indicators: They are rising nicely and aren't really overbought yet. Very bullish short-term picture.



Intermediate-Term Market Indicators: Although moving very slowly, both ITBM and ITVM are rising off positive crossovers of their signal lines and are sitting in neutral to somewhat overbought territory. They look great to me.



Conclusion: There don't seem to be any weak sectors in the intermediate term as the markets seem to be firing on all cylinders. A resurgence of the technology sector is very encouraging given it is one of the most aggressive sectors out there.

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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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