shown below are my chart observations about NYMO since 2010 and the SPX and COMPQ price action relative to the ups and downs by NYMO ... I am taking the time to explain this chart data now because it will be very important to the next 15 trading days for interpreting future breadth and price action and trading it profitably ... I am not going to have the time this week to further explain this:
* the November "climactic low" for NYMO and the index price action was later followed by NYMO values in the +50's
* following another "climatic low" in May, 2012 - NYMO is now at +45.72 at the July 8th close, which is slightly above the April high ... be alert if NYMO is actually able to advance above the January high of +57.59 at some future date in 2012
the way the math for NYMO works, as I understand it, will require an advance to occur very soon past June 8th to actually achieve and perhaps hold an initiation thrust advance to levels above the prior 2012 high
chart #2 - a longer-term view of NYMO for subscribers to StockCharts.com -
* you can see the +57.00 level for NYMO marked an approx. horizontal upside breakout level for NYMO since 2010
AND
that 1. the early September 2010 and 2. the January/February 2012 upward initiation thrusts by NYMO toward or above the +57.00 level resulted in both immediate and long-lasting staying power for SPX and COMPQ price action above their 89-day ema's
(the 89-day ema's are now above the recent price action and reside at SPX $1339 and COMPQ $2899 for the 89-day ema values as of June 8, 2012)
** in addition, whether you draw the descending tops trend line off the October high or the January/February highs, the June 8, 2012 NYMO value clearly achieved an upside violation of the down trend line
INTERPRETATION Summary for trading decisions:
if a trader chooses to adopt a defensive priority instead of an "I can see the future" attitude when interpreting chart information,
the current two-step vertical advance by NYMO from -110.33 to +45.72 has been previously seen following prior "climactic lows" since 2010,
and one simple chart measurement for judging the potential staying power of the resulting price action is:
whether the SPX and COMPQ price action following the upward NYMO advance actually steadily rises and holds the 89-day ema for price support for a period of weeks/months
chart #3 - SPX daily chart since 2010 with NYMO and NYSI
* for more context info. especially relative to SPX price action above or below the 20-day SMA with the ups and downs by NYMO
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