NYSE TICK Once Again Pointing to an Absence of Selling Pressure

Since the elimination of the uptick rule in July ’07, we’ve seen a total of 30 sessions in which the NYSE TICK did not trade below the -900 level on two consecutive sessions. The market’s next-day performance has been mixed, so technically there’s no signal here, but note the S&P’s average loss more than doubled the average gain. This would be particularly interesting if the S&P closes lower today, given that the BKX/SPX divergence discussed in this January 20th column would be activated (suggesting the potential for an outsized move over the next couple of days)…

NYSE TICK Does Not Trade Below -900 Two Consecutive Sessions
03/08/10… S&P500 +0.2% next day
03/05/10… S&P500 -0.0% next day
01/14/10… S&P500 -1.1% next day
01/11/10… S&P500 -0.9% next day
01/06/10… S&P500 +0.4% next day
01/05/10… S&P500 +0.1% next day
12/29/09… S&P500 +0.0% next day
12/28/09… S&P500 -0.1% next day
12/24/09… S&P500 +0.1% next day
12/23/09… S&P500 +0.5% next day
08/21/09… S&P500 -0.1% next day
08/03/09… S&P500 +0.3% next day
07/27/09… S&P500 -0.3% next day
01/06/09… S&P500 -3.0% next day
01/05/09… S&P500 +0.8% next day (*)
01/02/09… S&P500 -0.5% next day
12/31/08… S&P500 +3.2% next day (*)
12/26/08… S&P500 -0.4% next day
11/28/08… S&P500 -8.9% next day
10/01/08… S&P500 -4.0% next day
08/22/08… S&P500 -2.0% next day
08/11/08… S&P500 -1.2% next day
08/06/08… S&P500 -1.8% next day
07/18/08… S&P500 -0.1% next day
07/17/08… S&P500 +0.0% next day
05/13/08… S&P500 +0.4% next day
05/12/08… S&P500 -0.0% next day
12/24/07… S&P500 +0.1% next day
10/05/07… S&P500 -0.3% next day
10/02/07… S&P500 -0.5% next day

Categories : Archived Intraday Commentary, Intraday Commentary

 Print This Post