No major breadth changes over the last week, a slight uptick in bearish data as shown by the green in the far right of the table. The S&P 500 still sits below the prior high but above short-term lows, should we break either one of those I’m watching for confirmation in the breadth data and the bottom chart in today’s note looks at one example of confirmation I’ll be looking for.
Breadth Thrust Composite
A collection of multiple breadth thrust indicators based on different indices that incorporate price and volume to mark when extremely strong buying activity is taking place by the movement of individual stocks. When multiple of these thrusts occur in a short period of time, the reaction in the S&P 500 has historically been positive going forward.
Breadth Thrust Composite rose to +1.
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