Remember that $TRIN takes into consideration Up Volume versus Down Volume in the large cap equity market. This is a simple and good way of determining volume confirmation of up and down moves in the futures market. The $TRIN on Tuesday was substantially lower than Friday's levels, and the $TRIN showed a steady downtrend (bullish indication) all Tuesday afternoon confirming the markets up move after 1200 ET.
Additionally, the $TICK Pivot MA remained above zero all afternoon for additional confirmation.
The ES Pivot has closed above its 38 period (30 Minute Chart) EMA for the first time in about 5 days. The downtrend of the $TRIN indicator can be better seen on this chart. Notice also that the $TICK Pivot MA's turned positive on Friday afternoon.
Charles
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