I'm on record saying classic technical analysis - trendlines, chart patterns, volume and open interest, etc. - has grown obsolete as algorithm-driven trade continues to evolve.
If the key driver of markets - algorithms - aren't paying attention to such things then neither should we.
From an analytical point of view, our attention turns to the mathematical side of technical analysis, though we still don't know what goes into the thousands of different trading programs.
Last Friday, I had the opportunity to be the guest on Barchart’s Market on Close program, hosted by the company’s Senior Market Strategist John Rowland. I’ve had a few conversations with John over the past number of years, and it is interesting how we can arrive at similar conclusions while taking two separate paths. John was correct, in a way, when he said we don’t always see eye to eye, but that’s to be expected whenever two people talk market analysis, economics, politics, or basically any subject.
