Note how we not only opened higher but continued to accept prices at higher levels in the ES futures (top chart), as the NYSE TICK has remained persistently positive through the morning, spending much more time above the zero level than below. To this point, we've seen no TICK readings below -600 but quite a few higher than that. Note, too, supportive intermarket themes: weak dollar and rising commodity prices. When those themes are in gear and intraday sentiment, as measured by TICK, is following along, we have the makings of a trend day.
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3 comments:
I would like to point out how the small caps are underperforming so far. Recent new highs in ES/NQ are not confirmed by IWM.
Moreover, these highs are made on declining TICK highs and on declining Advance/Decline line. Finally, the volume is very average.
This does not seems very string to me, the only thing keeping the prices high on ES is hte total absence of sellers.
My 0.02$ :p
The only thing keeping the price high is the TBTF money pump from the Fed to GS/BAC/C. . .
What a disaster for our nation. I'm not an old man at all (not by a long shot, not even 40 yet) but I simply do not recognize my country anymore. . . Oh well gotta go buy buy buy some more so I can make money *sigh*.
TRIN was also pegged today below .4. I usually watch both TICK and TRIN. Interestingly enough that TICK was up but not as strong as you would expect for such a strong trend day.
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