On both charts above ( 5 and 30 Minute Charts), the Blue Line on the $TICK Indicator is a 2-Period SMA of the $TICK Pivot ((H+L+C)/3), the Red/Green Line is the 20 Period EMA of the $TICK Pivot, and the White Line is the 38 Period EMA of the Pivot.
The Indicator is showing that on tests of the lows yesterday was a high probability long trade. The $TICK simply was not confirming new lows in the equity market. Selling momentum was quickly drying up in the underlying market.
Charles
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