NYMO NYSE McClellan Oscillator Daily Chart Shows Market Top At Hand

This chart was posted a few days ago, the NYMO was about to lose the 20 level which would have ushered in strong market selling, but, as seen above, price bouced directly up and off the 20 line (pink box).  NYMO is now at the same levels where the previous double circle signficant top was shown so the markets are directly back in the pickle again.  Look at how these levels or higher marked the July top in front of the August warerfall crash as well as the October high.

Can NYMO head higher?  Sure, but clearly the higher risk play is the long side, 'picking up nickels in front of a bulldozer' is an old Wall Street adage that comes to mind.  Markets are ready to head lower, stronger market selling will be signaled as NYMO falls below the 20 level and heads lower.

McClellan Oscillator shows the market bottoms occurring at the red line or lower. Double red cirlces are significant broad market bottoms. Above the green bar is solid bull markets with the double green circles identifying significant market tops, like now. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.