Note that today's trade has seen both high and low readings in NYSE TICK (bottom chart), indicating a relative standoff between buyers and sellers after we traded to bull highs in the morning. I like to chart the 20-period moving average of TICK (blue line, bottom chart) to see how it trades relative to the zero level. As we can see, we have pretty much hugged that zero level all day. That is typical of range markets (ES futures, top chart), whereas trend markets will show the moving average of TICK persistently and significantly above or below that zero line.
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