Monday, December 21, 2009

Midday Briefing for December 21st: Looking at Possible Upside Trend Day

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.