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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host
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To: sea_biscuit who wrote (9366)4/18/2000 9:42:00 PM
From: Mr. BSL  Read Replies (1) of 42834
 
Sorry, my understanding is that it has to make a closing low (or breach the lows at least once intra-day) and it has to do it on lower total volume for the entire day. Is that wrong?

You've got it right. That's the rule. That's the way that it always seems to work. There is one exception out there -

The 8/28/98 DJIA low of 7539 was successfully retested five weeks later on 10/8/98 on high volume. On 10/8/98, the average dived to 7399 intraday before finishing at 7731.

Five weeks. Hmmm. The March 7 S&P500 low of 1356 was put in 5 weeks ago and successfully retested last Friday on high volume. Maybe this is the second exception to the low volume rule. We'll know soon enough.
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