The Day NASDAQ TRIN went berserk
The 5 minute COMPX chart on September 29, 2000, actually was moving higher when TRIN.NQ started tearing upward at 1:50 PM. It was not until 2:10 PM that COMPX finally started heading down to a bottom at 3:05 PM.
A sudden drop from a lofty TRIN.NQ such as this one is a reasonable signal to go long in a day trade, subject to confirmation from the usual other intraday signals such as stochastics. In fact, this signal was good for a 1 point QQQ pop from 3:05 PM to 3:30PM.
What is unusual about this one is the relative calm for days before and the sudden magnitude of this TRIN.NQ pop.
Here's the COMPX 5 minute that shows what happened before and after the TRIN.NQ pop: