Dow % Bull for 11/19/09 close

The reading came in at 16.84 Thursday, well below the Monday peak of 85.90. Historically a reading as high as 85.90 has resulted in a pullback or correction of some sort. Thursday's reading of 16.84 means we are just barely buillish on the Dow. Friday morning futures are indicating a gap down for the Dow of 80ish points. Such a level is probably enough to flip this indicator to negative and thus by the end of the day we could be in a correction mode once again. However, there is still 6 1/2 hours of trading ahead so the verdict is not in.

Please click on the chart for the full image. I have yet to figure out how to get this blog to expand out to the left and right instead of a narrow column in the center.