Yesterday the NYSE TICK (number of stocks advancing minus declining) was at levels that would normally only be seen with a market moving up in a rally, this morning we are seeing a few extreme signals as well.
SPY at 10:38, a small bounce, but nothing really interesting, still in the red here.
After hitting some +1000 TICKs after 10 a.m., that spot hit an extreme at +1300. This will be intereting to watch today as a measure of breadth.
I also have a new indicator that I think is going to be very useful for "on the fly" breadth readings, it takes a stock, fetches all of the component stocks within that stock's sub-industry group and tells us what the advancer/decliner is in real time for the group.
The only problem is I there are some 238 sub-Industry groups and I need to find the stocks that best represent each of the 10 main S&P groups, but as a quick example (and this is by no means the best example, just a stock I had up, but I think you can imagine the utility in this)...
Looking at GOOG we have the range area and the area below the range, GOOG's sub-industry group is Internet Information Providers with 49 stocks in the sub-industry. We can see from the 7th as GOOG has made lower lows (actually looking at the sub-industry would be better than GOOG) we can see that as it has moved lower, each time we have fewer and fewer stocks in the decliner list at their current price vs. their closing price the day before. Because this is real time, we can also see, say for instance if this reading suddenly changes and the group goes positive +20 or so in a matter of minutes, eventually I can put this in to a scan and see where the changes are occurring in real time.
I just created this yesterday so hopefully by the weekend I can get it in to a scan in real time.
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