Wednesday, March 27, 2013
Prices fell under the MA's overnight. A hammer candle was printed at the open on the 21 minute chart with a close at the Point of Control (POC) of the last 20 days. Advance/Decline, Up/Down Volume, & TICK were all considerably negative at the open. Down Volume continued into the lows, but divergence was seen with a PPS buy arrow on the Breadth and steadily rising Advancers over Decliners. Prices rallied all the way to the Value Area High from two days ago, ultimately failing there but finding support at the Value Area Low. This action happened with the Breadth and Up/Down Volume breaking above their respective MA's. There was a retest of the POC, that was successful, and a short covering rally that cleared the VAH and took prices above the MA's. This coincided with the highest TICK reading of the day. The top of the Value Area for the last 20 days capped the up move at the close. Double Stochastics were able to lift out of extremely bearish levels at the open to a bullish reading on the Fast Stochatic (Slow Stochastic rose above zero but never went into bullish territory). The Ergodic Oscillator began rising prior to the open and cleared zero at lunch, but never saw significantly higher levels than that and rolled over at the close. After the bell, prices fell back to the MA's and VAH. PPS printed a sell arrow just prior to the bell and there was a large move of Down Volume on the indicator.