Key Points
- NYSE Advance/Decline Line Makes a Higher High
- NYSE New Lows Trend Lower
- NYSE New Highs Rise Further
- S&P 500 Advance/Decline Line Nears the Former High
- Another Higher High for the NASDAQ 100 Advance/Decline Line
NYSE Breadth
The NYSE Advance/Decline Line has made a higher high above the now rising 50-day moving average. The S&P 500 Index has done the same. The indicator confirms the recent strength that we have seen in the index.
The five-day moving averages of issues on the NYSE making new 52-week and six-month lows continue to trend to the downside below the 2% level.
The five-day moving averages of stocks on the NYSE making new six-month and 52-week highs continued to improve over the past two weeks. The improvement is more pronounced in the six-month data, but both are encouraging for equity bulls.
The percentage of NYSE issues trading above their respective 200-day moving averages moved to 28% this week from 19% two weeks ago. The S&P 500 is now within striking distance of its 200-day moving average.
The percentage of NYSE issues trading above their respective 50-day moving averages rose to 76% from 59% two weeks ago. The S&P 500 is above its rising 50-day moving average.
The percentage of issues on the NYSE trading above their respective 20-day moving averages rose to 81% this week from 79% last week. The S&P 500 is above its rising 20-day moving average.
S&P 500 Breadth
Breadth metrics for the S&P 500 improved over the past two weeks.
- Advance/Decline Line: Above the 50-day moving average, nearing the high.
- Percent Above Their 200-Day Moving Average: 25% from 25% two weeks ago.
- Percent Above Their 50-Day Moving Average: 83% from 67% two weeks ago.
- Percent Above Their 20-Day Moving Average: 86% from 85% two weeks ago.
Small Cap Breadth
Breadth metrics for the S&P 600 Small Cap Index have mostly improved over the past two weeks.
- Advance/Decline Line: Above the 50-day moving average and made a higher high.
- Percent Above Their 200-Day Moving Average: 40% from 31% two weeks ago.
- Percent Above Their 50-Day Moving Average: 76% from 66% two weeks ago.
- Percent Above Their 20-Day Moving Average: 76% from 85% two weeks ago.
NASDAQ 100 Breadth
Breadth metrics for the NASDAQ 100 have improved this week.
- Advance/Decline Line: Above a rising 50-day moving average.
- Percent Above Their 200-Day Moving Average: 39% from 25% two weeks ago.
- Percent Above Their 50-Day Moving Average: 88% from 78% two weeks ago.
- Percent Above Their 20-Day Moving Average: 86% from 81% two weeks ago.
Take-Aways:
Two weeks ago in these pages, we highlighted that the door was open to a move to the 200-day moving average for the S&P 500. Over that span, the market has trended to the upside, and 200-day is within range. Meanwhile, breadth metrics continue to improve across U.S. markets.
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