Above is yesterday's 5-Minute Chart. The yellow line on the $TICK chart is the pivot of each 5-Minute Bar with the pivot defined as " (High + Low + Close)/3 ." It is a good visual aid in seeing changes in buying and selling momentum. In narrow range days, these changes in momentum will bring the market back to the VWAP Line.
The market lately isn't making new highs, but is making higher lows. The market will have to decide soon if it wants to break up or down. The upper limit is near the 2009 high, which the market is showing reluctance to trade past.
Charles
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