Charts (Delayed)
| Last Hour Indicator |
 Large Version | Long-term ChartChart: Dow Industrials with the Last Hour indicator. Last hour measures the price change in the final hour of each day’s trading session and compares it to the price change in the first hour of trading. A positive number indicates the Dow’s final hour outperformed the first hour, while a negative number indicates the final hour was weaker than the first hour. The indicator keeps a running summation of each day’s final number and plots it on a cumulative basis in order to disply the underlying trend of last hour vs. first hour performance. When the last hour is consistently stronger than the first hour, shown by a consistently rising line on the chart, it’s a sign of accumulation by ‘smart money’, while a falling line indicates distribution. UPDATED DAILY |
| NYSE Program Trading Activity |
 Large Version | Long-term ChartChart: S&P500 with the percentage of weekly program trading activity conducted exclusively for member firms’ own accounts. Program trading involves the computerized buying and selling of large baskets of stocks, and can be utilized by institutions to temporarily extend a move when it may ordinarily lose momentum or bring a halt to an existing trend. A reading over 40% indicates an unusually heavy amount of program trading is in effect. UPDATED WEEKLY |
| Investors Intelligence Bullish/Bearish Consensus |
 Large Version | Long-term ChartChart: S&P500 with Investors Intelligence Bullish/Bearish Consensus. Investors Intelligence is a survey of 140 financial newsletter writers that is taken weekly by Michael Burke and his group. It is often viewed as a contrarian indicator, i.e., a high bullish reading may mean rough sledding ahead; a high # of bears may signal that we are near a market bottom. UPDATED WEEKLY |
| Market Vane Bullish Consensus |
 Large Version | Long-term ChartChart: S&P500 with Market Vane Bullish Consensus. Tracks the trading recommendations of commodity trading advisors (CTAs) to gauge sentiment in S&P500 futures. Keep an eye out for consistent readings above 50%, as it signals a majority of CTAs are bullish on stocks, typically a good sign for the market as long as this remains in effect. UPDATED WEEKLY |
| American Association of Individual Investors Bullish/Bearish Consensus |
 Large Version | Long-term ChartChart: S&P500 with AAII Bullish/Bearish Consensus. AAII compiles small investor sentiment readings on a weekly basis. Bearish Consensus readings above 40% signal an overly pessimistic outlook among small investors and from a contrarion standpoint is longer-term bullish. UPDATED WEEKLY |
| VIX (S&P500 Volatility Index) & Bollinger Bands |
 Large Version | Long-term ChartChart: S&P500 (SPX) with Volatility Index (VIX) & Bollinger Bands. VIX is the average implied volatility of SPX options and has an inverse relationship with the stock market. Unlike a stock, index or futures contract, volatility is confined to an upper and lower range and will not continue trending in one direction. When the VIX closes 2 standard deviations above or below the recent average, volatility is statistically ‘out of bounds’ and will most likely reverse in short order. A VIX expected to reverse to the downside should lead to a market rally, while a VIX expected to move higher should lead to a downturn in the market. UPDATED DAILY |
| VXO (S&P100 Volatility Index) & Bollinger Bands |
 Large Version | Long-term ChartChart: S&P100 (OEX) with OEX Volatility (VXO). Description is the same as the VIX (see above) except VXO is based on the average implied volatility of OEX options rather than SPX options. UPDATED DAILY |
| VXN (Nasdaq100 Volatility Index) & Bollinger Bands |
 Large Version | Long-term ChartChart: Nasdaq100 (NDX) with Nasdaq Volatility (VXN). Description is the same as the VIX (see above) except VXN is based on the average implied volatility of NDX options rather than SPX options. UPDATED DAILY |
| NYSE Arms Index (TRIN) & 20day Moving Average |
 Large Version | Long-term ChartChart: S&P500 with NYSE Arms Index (TRIN). The Index shows whether volume is flowing into advancing or declining stocks. If more volume is associated with advancing stocks, the Arms Index will be less than 1.0; if more volume is associated with declining stocks, the Index will be greater than 1.0. Keep an eye out for readings greater than 2.0, as it signals potentially climactic selling pressure. Chart also includes a 20 day moving average of the TRIN. When the average falls below 1.0, it can signal the onset of a longer-term uptrend in the stock market until the average rises above 1.25. UPDATED DAILY |
| NASDAQ Arms Index (TRIN) & 20day Moving Average |
 Large Version | Long-term ChartChart: NASDAQ100 with NASDAQ Arms Index (TRIN). Description is the same as the NYSE Arms Index above, except based on NASDAQ stocks. Keep an eye out for readings greater than 3.0, as it signals potentially climactic selling pressure. Also note instances when the NASDAQ Arms closes at .25 or lower, as it signals a blowoff rally that’s generally followed by a short-term selloff. Chart also includes a 20-day simple moving average of the TRIN. The moving average generally oscillates between 1.30 (indicating an oversold market) and 0.70 (indicating an overbought market). UPDATED DAILY |
| NYSE Advance/Decline Ratio |
 Large Version | Long-term ChartChart: S&P500 with the ratio of advancing issues to declining issues on the NYSE. Useful for keeping tabs on the overall breadth of the market. One particularly interesting setup to watch for is a ratio greater than 3.0, meaning advancers crushed decliners by better than 3:1. Such activity is typically bullish for the short-term. Also watch for the moving average to rise above 2.0, which is intermediate-term bullish for the stock market as it indicates persistently positive breadth. UPDATED DAILY |
| NASDAQ Advance/Decline Ratio |
 Large Version | Long-term ChartChart: NASDAQ100 with the ratio of advancing issues to declining issues on the NASDAQ exchange. Useful for keeping tab on the overall breadth of the market. When Nasdaq breadth comes in better than 2:1 in favor of advancers, the Nasdaq typically trades flat-to-down the next session as buying pressure is exhausted for the short-term. UPDATED DAILY |
| NYSE Total Volume |
 Large Version | Long-term ChartChart: S&P500 with the total daily volume on the NYSE. Useful for keeping track of the overall activity in the marketplace. One setup to watch for involves a move in one direction that comes on successively lighter volume for three days running. Such activity suggests less and less participation and often precedes a short-term reversal of trend. Similarly, three consecutive days of increasing volume during a steady move in one direction implies increasing institutional participation and indicates a continuation of the trend is likely. UPDATED DAILY |
| NASDAQ Total Volume |
 Large Version | Long-term ChartChart: NASDAQ100 with the total daily volume on the NASDAQ exchange. Useful for keeping track of the overall activity in the marketplace. See NYSE Volume description above for more information. UPDATED DAILY |
| Equity Put/Call Ratio |
 Large Version | Long-term ChartChart: S&P500 with the Equity put/call ratio. This ratio divides all stock option put volume on the CBOE by all stock option call volume. Watch the overall trend of the equity ratio by monitoring the moving average seen on the charts. A moving average above .80 signals an unusual amount of fear among small investors and can often signal an intermediate-term bottom is in the works. Also pay attention when the ratio hits an extreme reading. On the upside, any daily reading over .90 indicates an extraordinary amount of fear, and can relate to a short-term bottom in the market. On the downside, any daily reading of .35 or under indicates a complete lack of fear, and often relates to a short-term top in the market. UPDATED DAILY |
| TRIN5 (NYSE) |
 Large Version | Long-term ChartChart: S&P500 with the TRIN5 indicator for the NYSE. TRIN5 is the summation of the last five days closing TRIN values (also known as the Arms Index). When the TRIN5 rises above 6.0, it’s indicative of a technically oversold market given the long string of high TRIN readings. This generally ushers in a period of lower TRIN readings coinciding with a rally in stocks. Similarly, when the TRIN5 drops below 4.0, it’s indicative of a technically overbought market given the long strong of low TRIN readings. Generally this indicates that a period of higher TRINs is forthcoming, coinciding with a correction in the stock market. UPDATED DAILY |
| TRIN5 (NASDAQ) |
 Large Version | Long-term ChartChart: NASDAQ100 with the TRIN5 indicator for the NASDAQ Stock Exchange. TRIN5 is the summation of the last five days closing TRIN values (also known as the Arms Index). When the NASDAQ TRIN5 rises above 7.0, it’s indicative of a technically oversold market given the long string of high TRIN readings. This generally ushers in a period of lower TRIN readings coinciding with a rally in stocks. Similarly, when the NASDAQ TRIN5 drops below 3.0, it’s indicative of a technically overbought market given the long strong of low TRIN readings. Generally this indicates that a period of higher TRINs is forthcoming, coinciding with a correction in the stock market. UPDATED DAILY |
| S&P Futures Open Interest |
 Large Version | Long-term ChartChart: S&P500 Futures with Daily Open Interest. Rising open interest indicates new positions are being initiated, while falling open interest indicates positions are being closed out. Pay particular attention to times when open interest is falling – whichever direction price moves in this period of time is suspect. UPDATED DAILY |
| Nasdaq Futures Open Interest |
 Large Version | Long-term ChartChart: Nasdaq100 Futures with Daily Open Interest. A drop of 5% or more in Nasdaq open interest (excluding expiration periods) is typically a bearish indication for the next week or so. See S&P Futures Open Interest description above for more information. UPDATED DAILY |
| Cumulative NYSE TICK |
 Large Version | Long-term ChartChart: S&P500 with the NYSE Cumulative TICK. A running total of 1-minute NYSE TICK readings are taken from open to close each day – the final number of the day is the closing Cumulative TICK. Keep an eye on the overall trend of the Cumulative TICK as represented by the 20 day moving average (see chart). A rising moving average indicates bullish tape action and should coincide with rising prices, while a falling average indicates bearish tape action and dropping prices. Note that the 20 day TICK moving average has very little lag time compared with price, indicating that the raw Cumulative TICK is actually a leading indicator. UPDATED DAILY |
| Cumulative NASDAQ TICK |
 Large Version | Long-term ChartChart: NASDAQ100 with the NASDAQ Cumulative TICK. See NYSE Cumulative TICK description above for more information. UPDATED DAILY |
| McClellan Oscillator (NYSE) |
 Large Version | Long-term chartChart: S&P500 w/ the NYSE McClellan Oscillator. The McClellan is a breadth-based indicator that takes the difference between a 39 and 19 day exponential moving average of the net differential of NYSE advancing issues minus declining issues. Generally the McClellan moves between +150 and -150. Two bullish setups to watch for: A reading above +150, which signals an unusually heavy amount of buying interest, and a reading below -200, which signals a technically oversold market. UPDATED DAILY |
| McClellan Oscillator (NASDAQ) |
 Large Version | Long-term ChartChart: Nasdaq100 w/ the NASDAQ McClellan Oscillator. The McClellan is a breadth-based indicator that takes the difference between a 39 and 19 day exponential moving average of the net differential of NASDAQ advancing issues minus declining issues. Generally the McClellan moves between +150 and -150. UPDATED DAILY |
| Long-term S&P Logarithmic Chart |
 Large VersionChart: Logarithmic chart of the S&P500 stretching back to the 1930′s. Notice that the upward sloping channel that contained the stock market’s ascent for nearly sixty years was broken to the upside in 1995. This may have marked the beginning of the equity bubble sooner than many realize, and it’s interesting to note that the upper end of the channel has turned into support, suggesting we remain in the same bubble nearly ten years later. When the market trades back into the channel is anyone’s guess, but until it does the bubble hasn’t truly popped. UPDATED WEEKLY |
| NYSE New Highs, New Lows |
 Large Version | Long-term Chart
Chart: S&P500 with the number of new 52-week highs and lows on the NYSE. |
| NASDAQ New Highs, New Lows |
 Large Version | Long-term ChartChart: Nasdaq100 (NDX) with the number of new 52-week highs and lows on the NASDAQ exchange. See NYSE New Highs/Lows description above for more information. UPDATED DAILY |
| NYSE Up/Down Volume Averages |
 Large Version | Long-term ChartChart: Two 20-day moving averages, one of advancing volume on the NYSE and one of declining volume. ‘Advancing volume’ is total volume of all stocks that advanced on the NYSE, expressed as a percentage of total volume, while ‘declining volume’ relates to volume of all stocks that declined on the NYSE. By monitoring the 20-day moving averages, one can see overall volume trends that may not be apparent from the daily activity. UPDATED DAILY |
| Equal Weighted S&P500 vs. Standard S&P500 |
 Large Version | Long-term ChartChart: Equal Weight S&P500 charted on the same scale as the standard S&P500. Unlike the standard S&P500, which is a market-cap weighted index, the Equal Weight S&P assigns a fixed 0.2% weighting to all 500 stocks in the S&P, providing a much more broad-based view of the overall stock market than the large-cap dominated S&P500. UPDATED DAILY |
| Put/Call Open Interest Ratio for Index Options |
 Large Version | Long-term ChartChart: S&P500 with the put/call open interest ratio for index options. Institutional investors dominate the field of index options, so by monitoring the open interest ratio we can better gauge institutional sentiment. When the ratio is high (above 1.30), it signals a healthy amount of hedging (put interest), indicating institutions are putting money to work in the underlying index. It’s when this ratio falls below 1.20 that a red flag is raised, as the lack of hedging reflects a lack of buying. UPDATED DAILY |
| Nasdaq/NYSE Volume Ratio |
 Large Version | Long-term ChartChart: Nasdaq100 with the Nasdaq/NYSE Volume Ratio, which is simply total Nasdaq Volume divided by total NYSE Volume. This chart provides insight into the speculative nature of the market. Nasdaq volume is dominated by speculators while big board volume is dominated by professionals. When Nasdaq volume runs well ahead of NYSE volume on a consistent basis (as seen by a NASDAQ/NYSE Volume Ratio moving average above 1.50), it raises a red flag as speculators are unusually active, which often appears near significant topping periods in the stock market. Conversely, when speculative volume is running low (as seen by a Volume Ratio below 1.50), it’s a positive sign for the market as professional investors are accounting for a larger share of total market volume. This type of action is often seen during bullish phases for the stock market. This concept can also be applied on a very short-term basis as well. UPDATED DAILY |
| Total Short Interest |
 Large Version | Long-term ChartChart: S&P500 with total short interest across all exchanges. Short interest refers to all open short positions, which generally rises over the long haul in conjunction with the general trend of increasing volume. However, it’s worth noting those times when short interest falls into a pattern of ‘lower lows’, as this signals a marked decrease in shorts. Because institutional investors account for the bulk of short selling, a drop in short interest is typically a longer-term bullish indication for the stock market. UPDATED MONTHLY |
| Linear Regression Slope & R-Squared |
 Large Version | Long-term ChartChart: S&P500 with 14-day Linear Regression Slope and R-Squared. Linear Regression is a statistical tool that utilizes what’s known as the ‘least squares’ method to plot a straight line through price. Similar to a moving average, the linear regression line is often used to better understand the underlying trend. Unlike a moving average, however, Linear Regression does not exhibit as much delay. Since the indicator is “fitting” a line to the data points rather than averaging them, the Linear Regression line is more responsive to price changes. This chart highlights two important technical indicators based on the linear regression technique – R-Squared and Linear Regression Slope. Slope tells you which direction the linear regression line is pointing (above zero is bullish, below zero is bearish), while R-Squared attempts to quantify the strength of the trend. Specifically, r-squared values show the percentage of movement that can be explained by linear regression. For example, if the r-squared indicator is currently at 70%, it means that 70% of the movement of the S&P500 can be explained by linear regression. The other 30% would be considered random noise. UPDATED DAILY |
| NYSE Cumulative Breadth |
 Large Version | Long-term ChartChart: S&P500 with Cumulative Breadth (advancing issues minus declining issues). Cumulative Breadth is calculated on a daily basis by first subtracting declining issues on the NYSE from advancing issues. The result is then normalized by dividing the result by the total of (advancing issues + declining issues). It’s necessary to normalize the daily reading so that readings from twenty years ago, when there were far fewer issues trading on the NYSE, can be compared to current readings. Once we calculate the day’s normalized reading, we keep a running summation by adding today’s reading to the prior day’s reading. We often discuss the fact that breadth can be a lead indicator on a short-term basis, and this indicator reveals that breadth can also be a lead indicator on a long-term basis. It appears particularly good at signaling longer-term tops in the stock market, as it tends to top out and begin heading lower by upwards of a year before the market itself puts in its ultimate top. UPDATED DAILY |
| NYSE TICKscore |
 Large Version | Long-term ChartChart: S&P500 with NYSE TICKscore, an indicator based on a unique scoring system for intraday TICK readings. TICKscore is an integral part of our intraday trend catcher strategy. The final day’s reading, when charted cumulatively, also provides a good overall snapshot of how the TICK is trading on a daily basis. Just as NYSE breadth, when charted on a cumulative basis, provides telling clues regarding the market’s underlying health (or lack thereof), the same can be said of the cumulative TICKscore. A rising TICKscore reflects the fact that the TICK is registering more positive extremes than negative extremes, and hence reflects better buying pressure beneath the surface. UPDATED DAILY |
| NYSE Cumulative Adjusted TICK |
 Large Version | Long-term ChartChart: S&P500 with NYSE Cumulative Adjusted TICK, developed by Brett Steenbarger. Charts shows both the raw daily number as well as a cumulative version. First, a quick definition of the NYSE TICK, courtesy of an article written by Brett for TradingMarkets.com… “The TICK is displayed by most real-time quote vendors as $TICK, and it measures the number of NYSE issues trading on upticks vs. the number trading on downticks. This is sometimes described by technicians as an overbought/oversold index, but that is misleading. It is better to think of the TICK as a sentiment measure, because it is assessing the willingness of market participants to facilitate trade either at the offer price (meaning that buyers are willing to pay up to own the stock) or at the bid (suggesting that sellers will give up the edge to get out of the market). By tracking where the TICK is trading relative to its mean value (what I call the Adjusted TICK), you have a nice measure of whether bulls or bears are more aggressive in the marketplace…”His reference to the TICK as a ‘sentiment’ measure is very unique, and I believe shows a great deal of understanding. It’s for this reason that we were eager to replicate his ‘adjusted TICK’. As Brett discusses in this mid-April blog post, “The Adjusted TICK subtracts from each one-minute TICK reading the average TICK value over the prior 20 trading sessions and then cumulates the resulting values into a single end-of-day index. This index tells us if traders are more or less inclined to buying or selling relative to the recent past.” UPDATED DAILY |
| S&P Trendline Oscillator |
 Large Version | Long-term ChartChart: S&P500 with Standard & Poor’s Trendline Oscillator. Widely quoted by Jim Cramer & others as one of their favorite market timing tools. Usually referred to simply as “the oscillator.” Calculation is based on a combination of breadth and price. Long-term range for the oscillator is generally in the +7/-7 range. UPDATED DAILY |
| NYSE New Highs-Lows Index |
 Large Version | Long-term ChartChart: S&P500 with NYSE New Highs-Lows Index, which is calculated by dividing the number of new 52-week highs by the sum of (new 52-week highs + new 52-week lows). This raw number is then smoothed with a 10-day moving average. Historically, readings below .10 (10%) signal severely oversold conditions typically present at significant bottoming periods in the stock market. UPDATED DAILY |
| VIX:VXV Ratio |
 Large VersionChart: S&P500 with the VIX/VXV Ratio. Readings over 1.10 correspond with periods of relatively high one-month volatility (VIX) compared to three-month volatility (VXV), an indication that lower volatility is likely over the following month. Similarly, readings under .90 indicate a relatively low VIX relative to VXV, a sign that higher volatility is likely in the next month. UPDATED DAILY |
| NYSE Up Volume – Down Volume (200-day Average) |
 Large Version | Long-term ChartChart: 200-day moving average of NYSE advancing volume minus declining volume. Despite the fact that it’s based on the last 200 sessions, note how there’s a minimal amount of lag between tops and bottoms in the stock market and corresponding turning points in the 200-day average of “up volume” minus “down volume” on the NYSE. Note that the indicator does a good job of staying on the right side of the market’s long-term trend, above zero in uptrends and below zero in downtrends. UPDATED DAILY |
| NASDAQ Up Volume – Down Volume (200-day Average) |
 Large Version | Long-term ChartChart: 200-day moving average of NASDAQ advancing volume minus declining volume. Despite the fact that it’s based on the last 200 sessions, note how there’s a minimal amount of lag between tops and bottoms in the stock market and corresponding turning points in the 200-day average of “up volume” minus “down volume” on the NASDAQ. Note that the indicator does a good job of staying on the right side of the market’s long-term trend, above zero in uptrends and below zero in downtrends. UPDATED DAILY |
| TED Spread |
 Large Version | Long-term ChartChart: From recent Nobel Prize winner Paul Krugman… “The TED spread is the difference between the interest rate banks charge each other on 3-month loans (3-month LIBOR) and the interest rate on 3-month U.S. Treasury bills. It?s a measure of financial jitters. If banks believe that their peers are solid, they should be willing to lend each other money on almost the same terms as money lent to Uncle Sam. When they start demanding a big interest rate premium, that?s a sign of fear.” UPDATED DAILY |
