Tuesday, April 2, 2013

dWbShadowTrader Quad

Advance/Decline Breadth opened over 3:1 positive, but declined throughout the day--ultimately turning negative just minutes prior to the close. Up/Down Volume opened with a surge, but flat-lined and turned down in the afternoon. Cumulative TICK was high at the open; sold off rather quickly with a mirrored appearance around the zero line for the day. Price used the Point of Control (POC) from the prior day, in the premarket hours, to spring into a higher open from yesterday's close. The HOD took prices swiftly back down to near the Value Area High (VAH), within a few ticks. Double Stochastics on the 13 minute interval were extremely positive for 3/4 of the day. The shorter term Stochastic pulled back with the price retracement, but re-entered the extreme positive level shortly after the NY market hours close. Ergodic Oscillator showed bearish divergence with consecutive lower readings, despite new Highs. The Market Profile appears to have formed an inverted P (or reverse b) with a decent amount of buyers getting involved  at too high of prices. Tomorrow's action should be telling, if prices retreat, thus showing confirmation of this.