There’s nothing wrong with both eMini charts below. Stocks seemingly have no technical reason to go lower now, at least based on those indicators. And yet, we have times like this morning when relentless selling dominates. I watch some intra-day oscillators built on advancing and declining volume and no matter how good the rest of the universe of indicators looks, the market can’t go higher without advancing volume having the upper hand over declining volume. Which makes today interesting, because it’s important that it not have a typical down day where my oscillators close on their lows of the day. And so, it was heartening to see these oscillators turn around and head higher today around 2 PM EST. It’s not that these volume oscillators can’t still close on their lows of the day, but the edge today is now on the bull’s side.
click chart to enlarge
click chart to enlarge
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