The NYMO shows that it is premature for the broad markets to bounce like they did today. Market bottoms occur under the red line so more market downside is needed at least until the NYMO prints down towards -40 and lower.
We have been watching for the +20 level to fail to indicate market weakness ahead and this occurred. 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.
Projection is for the broad markets to sell off until the NYMO prints under the -40 red line and then the markets will prepare to bounce. This information is for educational and entertainment purposes only.
For NYMO chart use search box for keystone speculator.
Oscillators don't work in this low implied volatility market. You may want the NYMO to go lower before the markets behave as they did today but that's simply not the way things work.
Maybe you are changing your oscillator's "n" value as you go along? That doesn't work unless you are using a method to do it I'm not familiar with and you are not making that clear. How is your NYMO set? What chart frequency are you looking at?
If you're not simply a t/a site spambot I'd like to get into it with you if you'd like.
Open your eyes and study the chart Boonie, look at the red circles and green circles, any novice can understand the chart. Check it against the SPX, that is how the circles were developed. Study it and perform the homework. You should be able to figure it out. Let me know if you need further help. Good luck.