NYSE TICK Hits Multi-Year High Second Time in a Week
By
Rennie on Tuesday, July 20th, 2010 at 3:27 pm
Strong NYSE TICK action today – maybe a little too strong for the short-term. Cumulative TICK has been trending steadily higher off the down open, a good clue that institutional investors were not selling this morning. One negative sign for the short-term is the huge spike in the NYSE TICK just prior to 2pm ET, with the TICK hitting +1633, its highest level in years. If that sounds familiar, we just saw very similar action last Thursday when the TICK hit +1615. As I noted in this column from Thursday, unusually high intraday TICK readings have a good record of leading to a lower S&P close within the next 1-2 sessions as buying power is often spent for the short-term.
NYSE TICK Hits Multi-Year High Second Time in a Week
By Rennie on Tuesday, July 20th, 2010 at 3:27 pmStrong NYSE TICK action today – maybe a little too strong for the short-term. Cumulative TICK has been trending steadily higher off the down open, a good clue that institutional investors were not selling this morning. One negative sign for the short-term is the huge spike in the NYSE TICK just prior to 2pm ET, with the TICK hitting +1633, its highest level in years. If that sounds familiar, we just saw very similar action last Thursday when the TICK hit +1615. As I noted in this column from Thursday, unusually high intraday TICK readings have a good record of leading to a lower S&P close within the next 1-2 sessions as buying power is often spent for the short-term.