With the weak U.S. dollar, strong commodities, and firmness in Treasury yields, there has been a persistent bid to stocks through the day. Nearly 2000 more issues are advancing than declining, but for me one of the best sentiment tells has been the Cumulative TICK (red line), which has been positive all day. That tells us that, consistently, stocks have been more likely to trade on upticks than downticks. When we see successive price lows in ES accompanied by higher readings in Cumulative TICK, it tells us that selling pressure in the broad universe of NYSE shares is minimal. We have not registered a single TICK reading below -800 all day so far, an indication of the relative absence of institutional sellers.
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