TICKS TRICKS
The markets have rallied and are trading near their highs for the day as the DJIA is +25, NAZ+5 and SPX+6.
The TICK hit +1,000 a few times during the day and that was a pretty good "tell" that their were folks who wanted to buy the markets. Some of that power I suspect was the PM's that didn't want to let the markets fall apart two days before the end of the month.
I find the TICK to probably be the best indication of whether the markets will rally later in the day. I bought the DJIA Futures at the 12,130 level and just let them go at the 12,160 area for an nice 30 point gain. I urge anyone who wants to day trade keep a nice big chart of the TICK with +1,000, +800, zero and -600 areas highlighted.
I suspect that the market sell off is not done and we will see more selling into the end of the week. The 50 day SMA on the SPX near the 1,365 level DJIA (12,000) is still on my radar.
posted by DAVID at
3:28 PM
3 Comments:
"I urge anyone who wants to day trade keep a nice big chart of the TICK with +1,000, +800, zero and -600 areas highlighted."
David, can you comment on how you use each of these levels? Thanks...
Sure- I look at +1,000 as an area to sell and as a signal that there are buyers around - Buy em when TICKS go down to the NEG 600 area if I think the indexes will bounce.
The "index will bounce" theory is based on HIGH TICKS, brokers, tech and a/d lines. NYSE A/D was strong most of the day- Another hint of a comeback
Hi there.
Great Blog. Where is the best place to get LIVE TICK quotes from? (preferrably free!?)
Mr. G.H. Hymby
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