Recall the recent post on relative volume, and you can see how today's trade is shaping up with the ES volume norms. Today's volume is first; median volume in parentheses. All times are Central Time, U.S.:
8:30 AM - 216,482 (232,738)
9:00 AM - 151,680 (206,277)
9:30 AM - 131,231 (133,732)
10:00 AM - 67,971 (105,369)
Are we gaining or losing participation as we sit near the day's highs? Are the risk themes making new highs or holding back? Are the leading sectors making new highs or pulling back?
These are some of the kinds of real-time questions I'm asking as I decide to trade or fade a market move. Tough to bet on new highs when those high prices are not attracting the interest of those that move markets.
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By participation I assume you are tracking new hi/lo in your basket on 40 stocks (as per older posts), In the interest of filtering down key data points to observe which of these 1.new 40 stks hi/lo 2. Risk themes making new highs or holding back? 3. Are the leading sectors making new highs or pulling back? is the most reliable in your experience. These moving in unison would be a powerful signal but not always feasilble for a small trader to track at once.
Hi Dr.,
Thanks for the great info. I have two questions for you:
1)Why do you use median volume instead of mean volume when calculating relative volume.
2)Why do you view 30 min bars separately instead of cumulatively as the day progresses?
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