The NYMO (McClean Oscillator Index) has giving a short-term sell signal today. The NYMO has crossed below its 0 zero.
"Buy signals are generated when the oscillator advances from oversold levels to positive territory. Sell signals are generated on declines from overbought to negative territory. Traders may also look for positive or negative divergences to time their trades. A series of rising troughs would denote strength, while a series of declining peaks weakness."(Stockcharts.com)
Since NYMO was able to base above zero this move through the zero is important. The key with this indicator is to see now if NYMO can now base below the zero line. If NYMO chops back and forth between the zero line, the signal should be negated. But also notice the divergence pointed out in the chart, this is another bearish signal.
