Here's a chart of the NYMO McClellan Oscillator - note that it
closed in an extremely overbought condition. Now study the
chart for a moment and note how well this indicator has been at
marking at least short term tops and bottoms, the S&P 500 is
plotted at the bottom. Therefore with the NYMO in such an
overbought condition, it would not surprise me to see the market
soon have some kind of pullback.
$NYMO - Chart Link - another NYMO chart
which shows that the NYMO closed outside the upper Bollinger Bands,
this is quite rare and generally significant
$NAMO - Chart Link - NAMO - the Nasdaq
version, also closed outside the upper Bollinger Bands
here's the updated intra day NYMO or NYSe McClellan Oscillator,
obviously it's pulled back today but not a huge margin, the one in
Stockcharts.com won't update until abut 1 hr after the market
closes, which is the second chart. Today the one in
Stockcharts.com will probably pull back to around the 45 - 50
level, but that's a guess on my part
via extrapolation from the Tradestation version
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NYMO and NAMO McClellan Oscillator Indicator Warning
Posted by matt on 3rd of Jul 2012 at 06:35 pm
Here's a chart of the NYMO McClellan Oscillator - note that it closed in an extremely overbought condition. Now study the chart for a moment and note how well this indicator has been at marking at least short term tops and bottoms, the S&P 500 is plotted at the bottom. Therefore with the NYMO in such an overbought condition, it would not surprise me to see the market soon have some kind of pullback.
$NYMO - Chart Link - another NYMO chart which shows that the NYMO closed outside the upper Bollinger Bands, this is quite rare and generally significant
$NAMO - Chart Link - NAMO - the Nasdaq version, also closed outside the upper Bollinger Bands
NYMO McClellan update
Posted by matt on 6th of Jul 2012 at 01:03 pm
here's the updated intra day NYMO or NYSe McClellan Oscillator, obviously it's pulled back today but not a huge margin, the one in Stockcharts.com won't update until abut 1 hr after the market closes, which is the second chart. Today the one in Stockcharts.com will probably pull back to around the 45 - 50 level, but that's a guess on my part via extrapolation from the Tradestation version