Prices of the 3 majors are holding within their OR-60 (60min opening range).
That range is itself relatively narrow today. Is price beginning to consolidate? Perhaps the market is gaining confidence that economic dislocations are being "priced in"?
BullBear52x wrote:We should test overnight high at the minimum today, I know it's Monday.
Schwab has TRIN hanging above 1.5; don't you prefer to see that under 1?
I did look at it closely, today is my buy day, would like to see TRIN lower, the day still young.
Cobra isn't currently putting much weight on TRIN readings, as he indicated the other day.
when finding the end of the run/ end of the trend up/down, having TRIN in agreement is a must for me. days after that it doesn't weight as much but nice to have it on your side of a trade. like today if by the closed the TRIN is still up high it will tell me that the buying is questionable, if TRIN were to be lower it will suggest the higher price should be expected. not guaranteed (nothing is) but I would feel much better for over night holding. (swing position) for day trade I would come back the next day with continue buying in my trading plan.
My comments are for entertainment/educational purpose only. NOT a trade advice.
BullBear52x wrote:.....having TRIN in agreement....TRIN....TRIN....TRIN....in my trading plan.
-Thx BB52! That is indeed a reasoned and seasoned approach. Richard Arms himself wrote much about the nuances of how to use his indicator. It isn't a black and white signal generator.
Maybe it's an uptrend day, maybe. At least this bull shall have legs.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.