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Today 2/2/15, there is a really low bullish % price on $BPSPX, 4.71, abnormally low. What caused it?
It is many standard deviations away from it s average. If the point and figure chart is based on many stocks, like the index, how can it possibly print something so far away from its arithmetic mean?
The NASDAQ composite had a death cross in the last half of Jan 2015, whereas some of the other indexes had a death cross in December.
Just FYI: $BPCOMPQ is not a price. I'm not sure what the unit name of measurement is.
BTW, I was wondering how a 2 day drop in REITs could change the PnF buy signal!!?!? especially since it has not dropped below longer MAs. This could be the explanation. Thanks markd.
You can check any of the bullish percent indexes by running a simple scan. The bullish percent is simply the percent of stocks in a group which have their P&F charts in buy signal mode.
[group is SP500]
and [PnF Buy Signal is true]
After the close today this scan output 299 stocks.
299/500 X 100 == 59.8 %
This is exactly the closing number on the $BPSPX chart.
If it is still on the chart tomorrow, I would drop a note to support. They maybe able to help, but I do know that the data venders are very concerned about the accuracy of the closing values, not so much about the intraday values.
I believe the story goes EOD values are critical, intraday is just the wild west real time, you take what you get, ie they can't correct every error on the fly.
P.S. Thanks for clarifying: I did not realize this post question was based on an intraday value. Now that I think about it, 4.71 from a previous daily close of 62 is too much of a spread for BP.
Kevo, I was looking at the evolving daily values, (ie; during market open), but to get a better idea of what was going on, I looked at the intra-day values down to a 1 min chart.
This technique often helps identify obvious fat finger or data errors. If the extreme drop only happens for 1 min or less and low volume then its probably a one trade pricing error. Now if it happens over several mins or hours, with lots of trades happening every bar, then money is actually trading at these levels and the daily spike is probably real. The exchanges can unwind a few trades but not hundreds or thousands.