There’s not much to say about the market today. It just consolidated last week’s gains by trading in a narrow range on light volume. Hopefully we’ll get more action tomorrow…
Trend Table
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
{ 6 comments }
Hey Mike,
Could you take a look at HANS on the 30 minute chart. . Would that be roughly what you consider NR7? Normally, do you count 7 in a row first being formed and then normally a swing up or down takes place?
By the way, interesting that it is 7 since I used to work in Manufacturing and it worked the same way in terms of Process Capability. . Mainly, if your measurment was above the target weight 7 times in a row, then you should go check and make sure everything is okay. Since this is like flipping a coin and it showing head 7 times in a row. . It is possible but the odds are against it. .
It looks like the 11:30 bar was an NR7. I don’t understand what you’re asking in the second question.
Sorry, guess I don’t understand the definition of NR7. . I was thinking the 11:30 candle was the 1st of the NR’s after that up until close today. . I’ll try not to bug ya anymore : )
NR7 means the narrowest of the last 7 bars.
Thanks.. .. .didn’t have much swing after that, so I guess the theory doesn’t work some of the time?
Nothing works all of the time. All the theory says is that ranges tend to cycle between contraction & expansion. Who knows when or how that will happen. Just because there’s an NR7 on some arbitrary time frame doesn’t mean that the very next candle is going to be a wide ranging one. You could very well get three more NR7s in a row.
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