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Strategies & Market Trends : Charts!
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From: Jim Battaglia5/28/2006 9:16:15 PM
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This shows the DJIA in red, a 10% trend (19 day EMA) of NYSE new highs (NH) in green and a 10% trend of NYSE new lows (NL) on an inverted Y axis in magenta. The scaling is a little unusual in that both NH and NL use their lowest value as the lowest level on the chart while the highest high value of either is used as a common high value for both. If you did not follow that explanation, don't worry.

Using this scaling method, the DJIA would rise through the falling new low indicator at market bottoms and major market tops.

Last week the DJIA rose to a new high while new lows increased from already high levels.

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