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Strategies & Market Trends : SPY & QQQ intraday chart observations by rimshot
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To: rimshot who wrote (207)1/28/2022 3:01:45 PM
From: rimshot  Read Replies (2) of 1309
 
here are four of the Carl Swenlin daily
Price Momentum Oscillator data items displayed
on the $SPX daily -

stockcharts.com

PMO direction is the most important takeaway, says Carl ...
OB or OS by the PMO or OS or OB by the details of the three PMO internals shown
on this specific chart are actionable,
though the PMO actual direction defines the Momentum until that actually reverses

* at the January 27 close, the three PMO internals are saying a bounce
of some magnitude has decent odds in the near future ... if a bounce lasting
a # of days does not occur, the sellers are clearly in firm control

PMO explained -

school.stockcharts.com

" The PMO oscillates in relation to a zero line.
Normally, the PMO direction indicates if strength is increasing or decreasing,
while the steepness of the trend angle demonstrates the power behind the move. "

" chart of the S&P 500 index ... The normal PMO range for this index is from
about +2.5 (overbought) to -2.5 (oversold);
when the PMO approaches or breaches those limits,
it often signals a price reversal.
When the PMO changes direction at or beyond the extremes of its normal range,
it is a fairly reliable indication that an intermediate-term change in price direction is taking place."
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