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Here is one layout that might be interesting to tape readers. Several
things are of interest here. One is the race between the advances and
declines to the 1200 level each morning in the first fifteen to thirty
minutes of trading. The winner of the first heat that surpasses the 1200
level quite often sets the tone for the day. The second important point(s)
is(are) the trend(s) of the advances and declines after the first heat of
the race is over. Are they flat, rising, declining, parallel, divergent,
convergent? Do they stay above or below 1200. Does one overtake the other.
The third point is the day to day relationship. Are the stair steps
leading up or down? Fourth point is the slope of the TS advance decline
line and its relationship to the NYA plot. Different time frame should
show divergence better. Fifth point is the trendline (channel) on the NYA
top plot. Has the NYA taken on new character by working the otherside of
the trendline? Looking at this price-breadth relationship can help gain
perspective and facilitate decision making when deciding whether to place a
trade.
BobR
http://www.oextrader.com/momentum.htm
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