The market short term range square discussed earlier this week is ending today and we need to see where price closes today. The interday chart shows price right at the diagonal at the end of time for this range time slope box. In theory, we have hit the the bullish point at the end of time. Where price finally closes today isn’t as important because it hit that point.
The McClellan Summation Index and Oscillators are looking good and I would not be bothered with a move down near yesterday’s lows and view this as normal price movement (because we hit the 100% time point back at the high that ended the initial range). Still, I would be real happy with a stab lower today and then a finish back at the original high or even higher.
As a reminder, many of the charts I post are dynamic on the second page of my public list and can be viewed interday.
Post Modified: July 3rd, 2008 at 12:22 am
Tags: Market Internals · McClellan Index · Square of Range · Standard and Poor's 500 (S&P500)No Comments
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