When using the statistical ranges relative to the 0930 ET open, I really should be calling the White line the "10-Day Average Distance From the 0930 ET Open", and the Green lines the "Average +/- the 10-Day Standard Deviation". Remember that within the area of the Average +/- 1-Standard Deviation contains 67% of all the data points, which is important info to a trader. Using short-term cycle analysis and volume analysis, it is important to understand if the market is more likely to be bullish or bearish as the day moves on toward the close. This is the edge.
Yesterday, I forgot to mention the two $TICK bearish divergences at key pivot points, which occurred at Noon and 1340 ET.
During the lunchtime period, the market tended to have 15 minute corrections before continuing the trend.
The divergence at 1340 ET took 25 minutes to develop.
The market is still staying above the 50% correction level of the previous up wave. As long as we stay near or above the 62% level, we will be getting a normal correction.
Charles
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