The current snapshot of S&P 500 3-Day Advance Issues, Tick16 Short Term + Long Term as of 2013 Feb 17 close.
Reading
1. Long Term Tick16 (yellow line) below neutral zone but not dropping
2. Short Term Tick16 (red line) pulled back to neutral zone
3. 3 Days Advance Issues (green line) diverging from new high printed by S&P itself
Inference
a. #1 in bearish consolidation mode. That means 30-min timeframe intraday has no continuation strength. Both overbought and oversold on 30-min and up would result in reversal easily.
b. #2 points to breakout mode as the index has compressed at neutral zone for days.
c. #3 points to a pullback in breadth (advance issues) back down to neutral zone is necessary. It can correct itself without dragging the price of S&P lower. If so it will be very bullish for S&P.
Last update predicted it was still in favour of the bulls and every push lowered were good long opportunities. That was indeed what happened. This may change if #1 starts to slide lower away from the neutral zone into more bearish level.
The server side changes I talked about last time has resolved the main problem affecting our daily report generation. From here is onward we have to fix the individual symbols ...
I have written an article called Advance Issues Momentum published in the Technical Analysis of Stocks and Commodities magazine, August 2004 issue. Here is an update about this interesting indicator.
The ...
While preparing for the next article on converting trading rules between eSignal and DTN IQFeed versions of NYSE Tick Index, I have been doing data comparison on and off among ...
Review of Forecast for Sep 7, 2015
Extreme swings expectations played out. 3% swing up and than 3% swing down fulfilled both upside and downside expectations. The breadth analog model did ...
3-Day Advance Issues again leads Tick16 in identifying the bounce since Wed. It is now heading towards the zero line (neutral zone) meaning the market can turn lower from ...
The NYSE Tick Index (aka the $Tick index) and other similar tick indices all demonstrate a similar trending properly. I call it the micro trend channels of the tick indices. ...
Before market open at the moment.
Tick16 Short Term overbought. Tick16 Long Term bullish.
3-Day Advance Issues oversold.
That continues pointing to a selloff that will define an important low.
Looking for ...
I have been thinking of what kinds of real-time trading tools will help the Emini day traders. I came up with several concepts last year but was stuck with technology ...
Review of Forecast for May 16, 2016
Trend sell week as expected. Initial push higher due to news shock immediately reversed course as breadth not supporting the move at all. End ...
Review of Forecast for Mar 21, 2016
Pullback until 1.5% drop defended and bounced back into a shortened week close. Extended swings with low volume both ways switching between bullish and ...
Market Internals 2013-02-17
My monthly update on market internals.
The current snapshot of S&P 500 3-Day Advance Issues, Tick16 Short Term + Long Term as of 2013 Feb 17 close.
Reading
1. Long Term Tick16 (yellow line) below neutral zone but not dropping
2. Short Term Tick16 (red line) pulled back to neutral zone
3. 3 Days Advance Issues (green line) diverging from new high printed by S&P itself
Inference
a. #1 in bearish consolidation mode. That means 30-min timeframe intraday has no continuation strength. Both overbought and oversold on 30-min and up would result in reversal easily.
b. #2 points to breakout mode as the index has compressed at neutral zone for days.
c. #3 points to a pullback in breadth (advance issues) back down to neutral zone is necessary. It can correct itself without dragging the price of S&P lower. If so it will be very bullish for S&P.
Last update predicted it was still in favour of the bulls and every push lowered were good long opportunities. That was indeed what happened. This may change if #1 starts to slide lower away from the neutral zone into more bearish level.
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