TICK TICK TICK, no boom

TICK is an important indicator to watch it can tell you if the move up has legs. A strong move up should be associated with a strong tick and the opposite for a move down.

Here is a chart hourly of market breadth chart that I use MEGA B. It's a hourly version of my MEGA B chart that has been shown on here.

There was a big TICK spike on the 18th, which was a strong sign of the rally that occurred the last few days. But since then TICK has failed to make higher highs. Today as the market made higher highs, TICK just barely went above it's high spike on Friday. Using a 5 day EMA you can see that TICK has been trending down in a channel.

Intraday TICK was trending down after the market's highs at 11:00. TICK even hit -1000 showing good selling pressure.

Another indicator that the rally to the new high today would not have the steam to stay there was the breadth of the market. Looking at the Hourly Mega B chart you can see that advancers and upvolume was weaker then Friday's move. If the market is making new high's you want breadth to be behind it.