Internals based on opens actually not so bad; I've actually seen my numbers go slightly positive already at the open. Unfortunately, fear is the dominant factor at the moment. My strength number based on closes has only hit -40% which is normal, and the low based on opens has been only -15% and is currently in the plus column; compare that to yesterday which hit -84% based on previous day's close and -87% based on yesterday's opens.
Without going into details as to the construction of the numbers, anything between plus or minus 40% is normal and should indicate that volatility and price direction should be modest. This study has been very constent for me over the years in that, once the opening range is established, within the first 15 to 20 minutes, the +/- 40% range typically holds. The only thing that breaks that range is significant unexpected news during the trading day or stupid fear, which is what we're experiencing unfortunately.
Attached is a pic of yesterday's numbers and the beginning of today. The top and bottom half of the screen is the same calc, but the top half is based on each stock within the Dow relative to yesterday's close and the bottom half based on their respective strength to today's open. I calc each stock, give its prorated value and get a composite number.
