Oh, gotcha. Sorry, I should be clearer. Let me try it differently. First off, I haven’t been watching this indicator on this chart for that long, so it’s harder to draw meaning from it. I can look back on it through the years, but I’ve found that is less helpful than when I try to draw insights from it on a daily basis amidst all the uncertainty of the market backdrop.

That said, the three instances all marked by vertical lines on this chart coincided with market pullbacks. Two of them were multiday moves down, one was a day or day and a half pullback. As an indicator, it would therefore appear to have some significance. But that is only three data points. I thought it was worth highlighting but I want to spend more time with it, God willing