ajtj99's Market Pulse

[ajtj99]

Well, normally I would agree, but the volume aspect is actually quite important here at this particular juncture.

The pivot high last week at COMP 1806 had a little under 1.5 Billion shares. According to Tim Ord's volume system, a breach or test of the previous high on equal volume or plus/minus 5-8% or so is neutral. A test with volume shrinking greater than 8% would indicate a reversal back down would be expected.

If we got more than 1.6 Billion shares on the COMP today, we might have a stronger move up. If it comes in under that, theres still room for a test of 1751 COMP prior to a sustained move up. If we got 1.65-1.7 billion shares, it would be an indication of a reversal off the lows last week.

The pace so far today is about 1.55 Billion shares, so it's indeterminate.