Technically, the weekly chart profiles for all major averages show extremely overbought 12x3x3 weekly slow stochastic readings.
By my methodology momentum or Mojo is a 12x3x3 daily slow stochastic, which ranges between 00.00 and 100.00.
Technically, the weekly chart profiles for all major averages have become even more overbought based upon their 12x3x3 weekly slow stochastic readings.
The weekly chart profile turns negative on a weekly close below 12, 022 with momentum (12x3x3 weekly slow stochastic) declining from 8.6 to below 8.0.
My measure of momentum is the 12x3x3 weekly slow stochastic that tracks between 00.00 and 100.00 with readings above 80.00 overbought and readings below 20.00 oversold.
Technically, the Dow Industrial Average has a negative weekly chart profile with declining technical momentum (12x3x3 weekly slow stochastic) and weekly closes below the five-week modified moving average at 12, 009.
The transports ended the week with a negative weekly chart profile with declining momentum (12x3x3 weekly slow stochastic) reading and a weekly close below the five-week modified moving average at 5108.
FORBES: Dow Transports Need To Show Positive Signs To Get Bull Market Moving
Both daily and weekly charts for the major equity averages are overbought when observing their 12x3x3 Slow Stochastic Readings, which are 8.0 on the daily Dow chart and 9.3 on the weekly Dow chart.
The weekly chart for the Dow shifted to neutral not negative as its 12x3x3 weekly slow stochastic or market momentum (what I refer to as MOJO) reading remained above 80.00 at overbought reading of 83.99.
When looking at the weekly chart for the Dow Industrial Average you observe that the Dow ended last week just above its five-week MMA at 12, 974 with the 12x3x3 weekly slow stochastic reading declining below 80 at 78.24.
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