Chart of the Week: 10 Day Moving Average of TRIN/Arms Index
The Arms Index measures how much volume is going into the advancing versus declining stocks. Low TRIN readings suggest an overbought tape where as high readings suggest an oversold tape.
10 Day Moving Average of TRIN/Arms Index
Source: Redwood Technimentals Research
The tape was recently overbought and has quite a ways to go before it hits oversold levels again. If you look at the present reading (blue circle) as it compares to two of the more recent oversold lows (red arrows) March 2003 low March 2004 low, the recent test of DOW 10,000. This suggests the market has some more work to do.
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