Quick Charting April Market Internals at the Highs

Apr 2, 2014: 2:19 PM CST

While the S&P 500 is breaking again to all-time highs in today’s session, let’s peek behind the price and take a look at the message from the “Big Three” Market Internals.

To start, it’s a message of current caution:

SPX Big Three Market Internals TICK VOLD Breadth

The straight-up march from the 1,840 support level (see my prior post “Key Inflection Support Planning for SP500“) has been undercut by a steady decline (in indicator highs) in our “Big Three” Market Internals.

Broad NYSE Breadth registered its kick-off/strength high on March 28th at the start of the rally (1,925) and has steadily declined from that peak.

Similarly, NYSE intraday TICK registered its high on the gap-up on March 31st and – despite an end-of-day spike yesterday – has also trailed lower.

VOLD or Volume Difference of Breadth (Advancers minus Decliners) also has trailed the market during its advancing phase.

This is a quick update but it does draw our attention.  We’re always on guard for “Bull Trap” situations as risks to trading any breakout opportunity.

Continue monitoring internals as price hovers in “all time high” territory.

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Corey Rosenbloom, CMT
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6 Comments

6 Responses to “Quick Charting April Market Internals at the Highs”

  1. Study Lesson on Lengthy Market Internal Divergences and Snapbacks | Afraid to Trade.com Blog Says:

    […] take a moment to review my “Charting Market Internal Divergences at the Highs” post from last week which set the stage for the upcoming dramatic price […]

  2. Study Lesson on Lengthy Market Internal Divergences and Snapbacks — Trading Your Own Way Says:

    […] take a moment to review my “Charting Market Internal Divergences at the Highs” post from last week which set the stage for the upcoming dramatic price […]

  3. Lesson on Lengthy Market Internal Divergences and Snapbacks Says:

    […] take a moment to review my “Charting Market Internal Divergences at the Highs” post from last week which set the stage for the upcoming dramatic price […]

  4. Traps Trendlines and Current Reference Levels for US Equity Futures | Afraid to Trade.com Blog Says:

    […] reference to the Bull Trap, see my post last week with respect to “Divergent Market Internals at the Highs” and the follow-up post yesterday “A Study Lesson on Lengthy Market Internal […]

  5. Traps Trendlines and Current Reference Levels for US Equity Futures — Trading Your Own Way Says:

    […] reference to the Bull Trap, see my post last week with respect to “Divergent Market Internals at the Highs” and the follow-up post yesterday “A Study Lesson on Lengthy Market Internal Divergences and […]

  6. Tricks and Traps with Breaks and Fakes for ISRG | Afraid to Trade.com Blog Says:

    […] Take a look at my earlier reference post with respect to broader Market Internals and reversal situations along with the earlier S&P 500 post that detailed the “vacant march to new highs” ahead of the reversal. […]