Definition:
The Primary Trend Index (PTI) is an index invented by Richard Russell in 1969. It is made up of eight "action of the market" indicators. The PTI is constructed so that it is almost impossible to have the PTI rising without the market also rising, and the converse is true when the PTI is declining. The PTI is graded by its action above or below an 89-day Moving Average. When above the MA, the PTI is graded bullish; when below the MA, the PTI is graded bearish. The composition of the PTI is Mr. Russell's only private (unknown to the masses) indicator. He does not reveal what it is made of.