New PMO Crossover BUY Signals Across All Major Indexes
Yesterday, the SPX (SPY), OEX (OEF) and Dow Industrials (DIA) all saw new PMO Crossover BUY Signals. Today, they were joined by the remainder of the major indexes. The market is clicking; now we need to determine how long this rally will stick around.
Seeing so many oversold PMO BUY Signals is especially bullish. They are all oversold signals as well. Our only caution would be that we did see similar signals early last month and they didn't produce a lengthy rally. The signals came in just in time for the decline.
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Finally, we also note that the Silver Cross Indexes on all of these indexes show a BULLISH BIAS in the intermediate term. The Silver Cross Index measure the percentage of stocks within the index holding a "Silver Cross" or 20-EMA above the 50-EMA. When the Silver Cross Index moves above its signal line (10-day EMA), it is called a Bullish Shift. Once the crossover occurs, the bias changes to BULLISH in the intermediate term.
Conclusion: The markets are set up for a lasting rally. We have oversold PMO Crossover BUY Signals and a Bullish Bias in the intermediate term. It has run hot, so a digestion phase does seem imminent. That should offer some good entries.
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