Few observations: BBs, SSTO, etc

Quick look at the charts shows that 1) the SPX hit the lower Bollinger band at ~1842 and reversed. May suggest a move to upper BB now at 1886. The BB are rather tight so expect a convincing move in either direction soon. 2) The daily SSTOs are pointing down, as are the weekly but,…

SPX: bullish pennant (flag) forming?

Just looking at this whipsaw city where 40 points are retraced within 2-days either up or down over the past 3-4 weeks (welcome to volatility baby! 😉 ) but no key levels are broken on either side just yet, it looks like a bullish pennant is developing.  Close above 1884 will confirm this developing pattern,…

NYMO (McClellan Oscillator) study: TIs closer to OS then OB, but is it enough to suggest a bottom is in!?!?

The McClellan Oscillator closed yesterday a little higher, while the market closed lower. Although not enough to start screaming “bottom is in!”, a look at recent NYMO history and NYA price shows that $NYMO at -60 and below coincided with important market lows (similarly +60 with important highs). Currently NYMO is at -36, hence closer…