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Key Points

  • NYSE Advance/Decline Continues to Rise
  • NYSE New Lows Trend Lower
  • NYSE New Highs Rise Again
  • S&P 500 Advance/Decline Makes a New High
  • S&P 500 50-Day Data Crosses 90%

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NYSE Breadth

The NYSE Advance/Decline Line is facing its next test at the March peak. Breaking above that level increases the odds that the S&P 500 will follow suit. From there, the index has open space to the January high. Both the A/D Line and the index remain above their respective 50-day moving averages.

The five-day moving averages of issues on the NYSE making new 52-week and six-month lows have both fallen below 1% this week.

The five-day moving averages of stocks on the NYSE making a new six-month and 52-week highs continue to improve on a week/week basis.

The percentage of NYSE issues trading above their respective 200-day moving averages moved to 30% this week from 28% last week. The S&P 500 is testing its 200-day moving average. This is a key level for both the indicator and the index.

The percentage of NYSE issues trading above their respective 50-day moving averages rose to 79% from 76% last week. 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 fell to 68% this week from 81% 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 mostly improved over the past two weeks.

  • Advance/Decline Line: Above the 50-day moving average, made a new high.
  • Percent Above Their 200-Day Moving Average: 45% from 25% last week.
  • Percent Above Their 50-Day Moving Average: 91% from 83% last week.
  • Percent Above Their 20-Day Moving Average: 85% from 86% last week.

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 the March peak.
  • Percent Above Their 200-Day Moving Average: 47% from 40% last week.
  • Percent Above Their 50-Day Moving Average: 81% from 76% last week.
  • Percent Above Their 20-Day Moving Average: 72% from 76% last week.

NASDAQ 100 Breadth

Breadth metrics for the NASDAQ 100 have mostly improved this week. 

  • Advance/Decline Line: Above a rising 50-day moving average, nearing new highs.
  • Percent Above Their 200-Day Moving Average: 42% from 39% last week.
  • Percent Above Their 50-Day Moving Average: 89% from 88% last week.
  • Percent Above Their 20-Day Moving Average: 73% from 86% last week.

Take-Aways:

Breadth metrics continue to improve across markets. Many of the short-term improvements that we have been highlighting have begun to show up in the longer-term metrics. The A/D Line for the S&P 500 traded to a new all-time high on Tuesday. All eyes are now on the S&P 500 as it does battle with the 200-day moving average. Breaking that level with continued improvements in breadth would be a bullish dynamic.

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Disclosure: This information is prepared for general information only and should not be considered as individual investment advice nor as a solicitation to buy or offer to sell any securities. This material does not constitute any representation as to the suitability or appropriateness of any investment advisory program or security. Please visit our FULL DISCLOSURE page.