Tracking Buying Interest With the Distribution of NYSE TICK
I find that keeping a moving average of the NYSE TICK helps me visualize the distribution of TICK values and its shifts during the day. Note the steady deterioration in buying interest over the course of the session. It is that absence of buying that prevented us from sustaining a rally following the non-confirmed initial ES lows mentioned earlier. It's a nice illustration that it takes more than a drying up of selling to generate a durable market bottom; we also need to see follow-through buying.
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