Chart of the Week: Net NYSE Up Thrust Days v Down Thrust Days

Monday, September 26, 2005 | 02:15 PM

The chart below shows more aggressive downside trading activity on the NYSE. This oscillator tracks thrust sessions has moved below the zero line (red circle). These readings stack the odds against a short term rally.

Net NYSE Up Thrust Days v Down Thrust Days
Up Day: Adv/Dec 2:1 and UpV/DnV 2:1
Down Day: Dec/Adv 2:1 and DnV/UpV  2:1

click for bigger chart


Source: Technimentals

Protracted trading ranges tend to damage the confidence of both bears and bulls alike: Breakouts fail, breakdowns reverse back up. Kevin Lane notes “what happens is you get both sides trading very tentatively, thus drawing out the range even longer. . . internals are starting to support a more bearish case, we would suggest waiting to see more conviction on a move.

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