On 12/23/08, the market was testing the bottom of an area of volume resistance. With the $TICK moving averages on the 5-minute chart below zero, indicating a weak market, the probability was high that the market would bounce to the down side after the test of resistance.
In contrast, the market on 12/26/08 was testing the top of an area of volume support. With the $TICK moving averages above zero, the probability was high that the market would bounce to the upside.
On 12/23/08, the Advance - Decline Line for all US Stocks obviously showed that the market was weak on every test of areas of resistance.
On 12/26/08 on tests of morning resistance areas, the market was not showing that same degree of weakness. After 1400 ET, the market was starting to show signs of strength.
Charles
Hey Charles,
ReplyDeleteI recently found your site a few weeks back! I've been reading it on a regular basis.I recently started using TS and I am not much of a coder and see that you are using a lot of good indicators. Do you by any chance have any of these listed on the TS EasyLanguage Forum? Thanks- suchen
Hi Suchen,
ReplyDeleteI do not have any of the indicators shown on this blog listed on the TS forum. I have and do share the codes on this blog. If you need the eld file for installation, email me the request.
Charles