For those of you who have access to real time data, the TICK chart is a pretty useful tool to get early warning on intraday changes in trend. For TeleChart/Worden users, type in the symbol $TICK. Worden also offers free real time charting software at http://www.FreeStockCharts.com, there’s no 20 min exchange imposed delay like most other free charting software. The symbol on their free platform should be the same- $TICK. This shows stocks ticking up less stocks ticking down, use a 1 min chart.
This is an earlier tick chart from today when the market bottomed, the lowest reading was -1866 which is VERY low, recently on down days a low reading has been around -1250 so to see sub -1500 was pretty unusual.
This is the most recent Tick chart captured, remember that this is all NYSE stocks. Notice how I’ve drawn trendlines around the highs/lows. Once the Tick chart moves above +1000 you usually see a pretty decent move up. If the trend line is broken, then you know the trend is about to be broken. Then you simply can draw the next set of trendlines. It’s not a perfect indicator or one with an especially large lead, but it’s useful.
Wolf on Wall Street 