-Nasdaq AD Line: a serious bearish divergence
-Nasdaq AD Volume Line: approaching Sep-Oct highs
-Nasdaq McClellan Oscillator: up thrusts have been weak
-Nasdaq Net New Highs: more new 52-week highs than new 52-week lows
-NYSE AD Line: hit a new high this week
-NYSE AD Volume Line: remains below Sep-Oct highs
-NYSE McClellan Oscillator: up thrusts have been weak
- Click here for the breadth charts
Breadth remains mixed overall. On the bullish side, we have the NYSE AD Line hitting a new high for the year and Net New Highs remain positive for the Nasdaq and NYSE. On the bearish side, the Nasdaq AD Line continues to trend lower. This shows selling pressure in the smaller, and riskier, Nasdaq stocks. Think of it as a flight to quality. The AD Volume Lines broke support and remain below their Sep-Oct highs. The McClellan Oscillators pushed back into positive territory a couple times, but these up thrusts were not strong.
-Nasdaq AD Volume Line: approaching Sep-Oct highs
-Nasdaq McClellan Oscillator: up thrusts have been weak
-Nasdaq Net New Highs: more new 52-week highs than new 52-week lows
-NYSE AD Line: hit a new high this week
-NYSE AD Volume Line: remains below Sep-Oct highs
-NYSE McClellan Oscillator: up thrusts have been weak
- Click here for the breadth charts
Breadth remains mixed overall. On the bullish side, we have the NYSE AD Line hitting a new high for the year and Net New Highs remain positive for the Nasdaq and NYSE. On the bearish side, the Nasdaq AD Line continues to trend lower. This shows selling pressure in the smaller, and riskier, Nasdaq stocks. Think of it as a flight to quality. The AD Volume Lines broke support and remain below their Sep-Oct highs. The McClellan Oscillators pushed back into positive territory a couple times, but these up thrusts were not strong.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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