Did not post an update on the breadth readings for quite some time. My bad.
The main theme so far over past 2 weeks is that since Tick16 long term has ...
Since last update we got the major selloff I've been looking for.
Now, 3-day advance issues is back down at oversold level, while Tick16 Short Term is forming potential higher low.
Normally, ...
It is 1 am Eastern Time and the overnight market is down at the moment.
Japan Nikkei is down more than 1%
But as of close of yesterday Aug 17, the Tick16 ...
As on last Friday, the 3-day advance issues was short term oversold. Thus it is expected a bounce should happen on Monday and that has already happened.
Critical price level of ...
The market internal updates is turning into a monthly update ...
First I was told that I need to post the chart here so that there is a reference to what ...
It is time to take a look at the basic statistical behaviour of the Tick Index. Following is a chart of NYSE Tick Index and its 3 distribution graphs. ...
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 May 17 close. ...
Market Internals 2013-12-23
Monthly update on market internals.
The current snapshot of S&P 500 3-Day Advance Issues, Tick16 Short Term + Long Term as of 2013 Dec 23 close.
Review
Got the rally I was looking for since the last update.
Once we got Short Term Tick16 registered overbought, we had the sharp pullback expected into mid December.
The pullback led to Short Term and Long Term Tick16 stuck together below neutral produced a breakout setup.
We are in the upside breakout run right now.
Reading
1. Long Term Tick16 (yellow line) getting close to neutral zone from below is neutral.
2. Short Term Tick16 (red line) right below neutral zone without a clear direction is also neutral.
3. 3-Day Advance Issues (green line) produced a new high confirmed by new high in S&P is bullish.
Inference
a. #1 produces no useful reading
b. #2 produces no useful reading
c. #3 bullish short term
Long Term Outlook
Rally will likely continue into new year. Strength in 3-Day advance issues will drag Short Term Tick16 higher.
That, however, will make this rally very over extended by time to the upside with risk of a very sharp pullback.
Be carefully with long when Short Term Tick16 is back up to overbought area again.
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