Anyone have any idea how this NYMO confirmation (or non-confirmation as in this case) indicator was created?
This was the attached caption:"NYMO crossed above lower BB last Friday, but it was unconfirmed by black line (as seen in red circle). Normally, the black line would reverse its direction when spx gains of > 10-pt within a day, but last Friday was one of those very few exceptions. So, bulls should be cautious because black line tends to be quite reliable to show the real movement of spx."