this chart has been in my folders at stockcharts.com ever since Arthur Hill introduced a few years ago this methodology for viewing:
1. the "risk on" confirmation (RUT speculative issues) vs.
2. the "defense on" confirmation (OEX big caps defensive issues)
I have updated today for the first time in months, adding SPX $1488 horizontal that the bulls eventually want to see become horizontal support for a further advancing price structure by the SPX
and have added today RUT $880 horizontal that the bulls eventually want to see become horizontal support for a further advancing price structure by the RUT
NYSE daily Advance-Decline data and the NYSE TICK data:
January 15, 2013 NYSE TICK status as of 9:00 a.m. mountain time -
the first two 30 min TICK bars today display the entire candle Bodies below the zero line while the third and current 30-min TICK bar BODY is now partially above and below the zero line
-279 is the current net NYSE A-D value, while the low today near the open was -1591 surpassing the - 1407 low print of the most recent days -------------------------- January 14, 2013 close:
notice that a great percentage of the actual bodies of the 30-minute TICK bars resided below the zero line on Friday and Monday, January 11th and 14th, while I would state it is a reasonable assessment the NYSE A-D 30-minute bars absolute chart location is positively divergent vs. the TICK structure showing a slight amount of
net selling pressure much of Friday and Monday relative to the entire chart duration viewed in this chart LINK below
* any future near-term NYSE net A-D structure that downside violates that -1407 prior low for any period of time would not bode favorably for the amount of net buying vs. selling pressure
keep in mind the # of NYSE declining issues must exceed 800 issues in order to even consider the day has the potential for a sell-off that can have staying power lasting many hours
SPY - an RSI-21 Power Advance triggered today near day's end , like it did briefly yesterday earlier in the day ... using the definition provided in the "reply-to" post
I consider this set of RSI's and their absolute levels important information
Glen - I recorded & marked on this chart today's March 6th new intraday highs printed by the cumulative NYAD and NYUD -
still going higher later?
chart #2 - like the Banking index, the NYSE Composite index is Negatively Divergent vs. the higher highs in 2013 by the SPX price action (Note - a similar negative divergence by the NYSE Composite index lasted only one day in April 2010 before both the SPX and the NYA declined off the higher daily close high by the SPX)
SPY $167.80 horizontal level is relevant here today, May 28, 2013 -
* watch for a future fake breakout or a lasting breakout above the SPY $167.80 ... it makes an important difference to the technical interpretation of the price action
"Closed end bond funds are especially sensitive to liquidity problems, and so if a liquidity problem is developing it will often show up among the bond CEFs first."
"It is worth noting that just recently, the bond CEF A-D Line peaked on May 8, 2013 and turned down sharply several days ahead of the stock market's May 28, 2013 peak. That was a nice warning to see, and to be able to share with my Daily Edition subscribers."
NOTE - and I cannot emphasize the importance of this price level whether you have a bearish or a bullish bias in the coming days
SPX-EW daily closes chart shown below - $2417 is the major PRIOR horizontal inflection level which must now be downside violated to prove without a doubt this decline since the May 22nd intraday high print is something sinister for the long-term "bullish case"
Monthly - Elder impulse chart style for the SPX-EW
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