In this T2 indicator, every stock on the NYSE is represented because most of them do not trade exactly AT their 40-day moving average. This is why there is no T2 indicator for “Percentage of stocks trading BELOW their 40-day moving average”. One glance at the indicator on a day when it reports a value of 21 instantly tell you that 21% of stocks on the NYSE are trading above their 40–day price moving average and 79% of stocks are trading below their 40-day price moving average.

These additional T2s show you the extremes; stocks that not only are trading above or below their 40-day moving averages, but those that have exceeded or fallen below their 40-day average by as much as 2 standard deviations.

• T2110 Percentage of stocks trading 1 channel above their 40-day moving average
• T2112 Percentage of stocks trading 2 channels above their 40-day moving average
• T2114 Percentage of stocks trading 1 channel below their 40-day moving average
• T2116 Percentage of stocks trading 2 channels below their 40-day moving average