Slope of Hope Blog Posts
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NYMO or the McClellan Oscillator has hit a very low point -hitting -103 today. This does not happen to often, the last time was November 23rd.
Below is a chart of the return of SPY 1 day after NYMO was below 100 from October
2009-Today: From the middle of 2009 to now, 4 out of 9 times the market was up the next day after NYMO was below 100. With the highest being 4%. 5 out of 9 times the market closed down, the lowest was -6.5%
1. 2.14 % 3. 4.04% 5. 1.47% 7. -6.51% 9. -.19%
2.. -1.49% 4. -3.78% 6. -.14% 8. 4.65%
The ES double-top target at 1353 was reached at the low yesterday, and ES has been bouncing overnight. I have declining (possibly channel) resistance in the 1376 area and a break over that would suggest that we may have seen a swing low yesterday: