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 Posted: Tue Aug 09, 2011 12:16 am Post subject: Failure of Daily NYMO |
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Part I - Sell Off
The daily NYMO has been the most reliable remaining technical indicator.
However, in 2011, from July 27th through August 8th, it failed.
On July 27th, the daily NYMO fell to roughly negative 75, while the S&P 500 fell to roughly 1,300.
From July 27th to Aug 3rd (five trading days), the daily NYMO traded between negative 70 and negative 90, while the S&P 500 fell further, hit a low of 1,235, and closed at 1,260 on Aug 3rd.
Over the next three trading days, Aug 4th, 5th, and 8th, the daily NYMO fell from negative 70 to below negative 140, while the S&P 500 fell from 1,260 to 1,120 [140 point fall].
Part II - Recovery or Trading Range
Aug 9th: The S&P 500 hit a low of 1,102, closed 53 points higher at 1,173, and the daily NYMO rose 65 to negative 78.
Aug 10th: The S&P 500 closed 52 points lower at 1,121, and the daily NYMO fell only 9 to negative 86.
Aug 11th: The S&P 500 closed 52 points higher at 1,173, and the daily NYMO rose 58 to negative 29. |
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