S&P500 and ATR

Whilst I’m not keen on indicators for trading in general, there’s one indicator I find particularly useful that can gauge the market: Average True Range (ATR).
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The following chart is the S&P500 Daily chart with a standard 14-period ATR. It’s currently at 34, which is higher than in May 2010, early 2008 and also late 2007.
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The bull likes it under 18. Says quite a lot I reckon.
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[right click on chart to open in new tab]
10c
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