Keeping this week’s Breadth Update fairly short, not a lot has changed over the last week. Stocks attempted a counter-trend bounce that was mostly give back last Friday and now we are getting some short-term whipsawing. We saw heavy downside moves on Friday but the verse happening on Monday. I’m not putting too much weight on either day until we see price break the prior March low or we see a continued hold above the 200-day MA. We still have most stocks in a down trend, but breadth has also not seen major expansion to the downside.
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 is at +1.
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