After a minor gap fill this a.m., the markets immediately found footing to move up to the pre-session SPY $91.75 level, and have remained north of the VWAP ever since. However, that same pre-session price level has proven stiff resistance forming a mild wedge pattern. The VIX officially broke down under 30 with other internals looking mildly supportive, though perhaps tired with the Advance - Decline line fairly low on an absolute basis and the Cumulative Tick (heavy dotted line) net negative, although up-sloping.
What I’m Reading This Weekend
6 hours ago
2 comments:
Hi
In the tweet you mention "multiday Cumulative Tick" and note it is negative but rising, I assume that is the thicker "rainbow" line? ...
For yesterday you show it rising virtually monotonically, I have a similar line on my charts.
For today my line is well positive again, but with two "flats (first 30mins and during the pullback off the high). Seems odd it is so different. Is yours derived from the $TICK or from another measure?
Hi Digger,
Yes, it is the multicolored heavy dotted "rainbow" line. I am using $TICKUS. I consider both its absolute level on the day (my net negative note), as well as its current trend/slope.
Cheers, Jeff
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