timwest

SPY - SP500 - DAILY BARS - An easy way to classify - DECISIVE or

AMEX:SPY   SPDR S&P 500
431 2 7
... INDECISIVE.

Note the DECISIVE thinking displayed in the market action in the S&P500             SPY             over the past few months.

The rally from May 21st to June 9th was virtually uninterrupted in its move from 187 to 196.

Also, note the recent decline from July 24 at 198 to 191 was also virtually uninterrupted.

The way of classifying bars as DECISIVE or INDECISIVE helps you see where the market is confident and where it is running out of orders to maintain the flow of the trend.

UP BARS are labeled green.
DOWN BARS are labeled red.
INSIDE / OUTSIDE BARS are labeled black.

UP BARS are higher highs and higher lows (disregard the movement of close to close)
DOWN BARS are lower highs and lower lows (again, disregard the movement of close to close)

Note also how the recent pullback held at the 61.8% retracement of the "DECISIVE ZONE" in the rally.
Perhaps this rally will stop at the 61.8% level of the DECISIVE DECLINE.

Tim 9:36AM EST
Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
Can you share the script for the bars?

Thanks!
+1 Reply
2use Marek99
Ditto
Reply
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