The New York A/D line has made good progress. It indicates the market is looking healthier. But...
NASDAQ is still in the process of bottoming out. There are a few points on this chart. First -- it indicates the depths of the NASDAQ sell-off. The market has rallied since the beginning of March and the A/D line has not made meaningful progress from its bottom. That tells you there was a ton of technical damage done to NASDAQ. In addition, consider the following two charts:
Neither the NYSE not NASDAQ has made a meaningful improvement in the new high/new low numbers. That tells us stocks are still trading very much near their lows instead of highs.
