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%
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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