Note how we've seen volume at the offer price handily exceed volume at the bid (bottom histogram in Market Delta chart above), with the Cumulative Delta moving higher on the day. The Cumulative NYSE TICK line has also stayed upward sloping on the day, and we've managed to build volume--and accept value--at higher price levels as we march toward bull highs. That has kept us consistently above the volume-weighted average price (VWAP; red line). All of these are potential alerts for a trend day to the upside; I'll be watching Cumulative Delta and TICK to see if we can establish new bull highs today.
More on the Topic:
Signs of an Upside Trend Day
Identifying and Trading Trend Days to the Upside
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Signs of an Upside Trend Day
Identifying and Trading Trend Days to the Upside
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1 comment:
For the day time frame I am observing another no demand pattern at the higher prices. We've seen this a few times as we've pushed up toward highs. The horizontal becomes elongated.
If GLD and OIL are tracking normally then this would also show reduced risk appetite.
I have predicted new highs but it always pays to be flexible and keep an open mind.
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