Monday, April 13, 2009

Long Term View of Advance/Declines and New Highs/Lows

The NYSE advance/decline line still hasn't moved above the upside resistance levels established right at the beginning of this year.

The NYSE new high/new low number is still clearly declining

The NASDAQ advance/decline line is clearly moving higher and has done so for the duration of the latest rally

The NYSE new high/new low is still clearly moving lower.

Aside from the NASDAQ advance/decline line, all three other market breadth indicators are still moving lower. That tells us there is a lack of market breadth to this rally which does not bode well fore the future prospects of this rally.