Market dynamic is studied by quantifying the dependence of the entropy S(\tau,n) of the clusters formed by the  series of the prices p_t and its moving average p_{t,n} on temporal horizon M. We report results of the analysis\par  performed on high-frequency data of the Nasdaq Composite, Dow Jones Industrial Avg and Standard \& Poor 500 indexes downloaded from the Bloomberg terminal www. bloomberg.com/professional.
<meaning-changed> Market dynamic is studied by quantifying the dependence of the entropy S(\tau,n) of the clusters formed by the  series of the prices p_t and its moving average p_{t,n} on temporal horizon M. We report results of the analysis\par  performed on high-frequency data of the Nasdaq Composite, Dow Jones Industrial Avg and Standard \& Poor 500 indexes downloaded from the Bloomberg terminal www. bloomberg.com/professional.
Market dynamic is studied by quantifying the dependence of the entropy S(\tau,n) of the clusters formed by the series of the prices p_t and its moving average p_{t,n} . The entropy S(\tau,n) is defined according to Shannon as \sum P(\tau,n)\log P(\tau,n), with P(\tau,n) the probability for the cluster to occur with duration \tau.\par performed on high-frequency data of the Nasdaq Composite, Dow Jones Industrial Avg and Standard \& Poor 500 indexes downloaded from the Bloomberg terminal www. bloomberg.com/professional.