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High/Low Logic Index

Sep 08 2018

Technical Difficulties

  • Sep 8, 2018

Traditional breadth measures have yet to show end-of-cycle thinning of the ranks, but some secondary measures suggest that process may be underway.

Aug 24 2018

Why So Many Lows Near A New High?

  • Aug 24, 2018

The S&P 500 has closed within a half percent of an all-time high three times this week, and the S&P 1500 Composite did make such a high on Tuesday, August 21st...

Dec 07 2016

Stock Market Observations

  • Dec 7, 2016

We revisit our “Red Flag Indicator” of prior bull market tops versus today. Usually most of these internal market measures will deteriorate in advance of the final bull market peak. At the latest S&P high, three of the seven leading measures had raised Red Flags, by not confirming, but two of them (DJ Transports and the NYSE A/D Line), are within just ticks of new bull market highs.

Nov 17 2016

Internal Market Strife

  • Nov 17, 2016

It’s not only the electorate that’s polarized in the wake of last week’s presidential vote: Internal disparities within the stock market over the last several days have been some of the most extreme we’ve ever observed. For example, on Monday, November 14th, NYSE Daily 52-Week New Highs and Lows both exceeded 10% of Issues Traded. There’s no day that’s been even remotely comparable in almost 75 years of NYSE history.

 

Feb 05 2016

NYSE “New Lows” Figures Point To “Lower Lows”…

  • Feb 5, 2016

At the August and late January S&P 500 lows, both the Daily and Weekly NYSE New Lows figures exceeded 40% of Issues Traded —a degree of downside thrust rarely seen outside of bear markets.

Dec 08 2015

The NYSE: A Timely Insider Sale

  • Dec 8, 2015

We tracked the “legal” insider actions of NYSE specialists for many years, until a crackdown on that business model early last decade rendered our old data sets virtually irrelevant.

Aug 07 2015

Too Many Highs, Too Many Lows

  • Aug 7, 2015

We’ve detailed the growing degree of stock market bifurcation, but the problem for would-be bears is that such bifurcation can reach astonishing levels (witness 1999-2000) before the market is set to peak out.

Aug 07 2013

Not Your Typical Bear Warnings...

  • Aug 7, 2013

With July’s market surge producing new cyclical highs in virtually every important subgroup (other than Utilities), it’s difficult—if not dangerous—to question the U.S. stock market’s technical underpinnings.

Nov 04 1998

How Long Can This Go On?

  • Nov 4, 1998

Unless earnings begin to show strong signs of growth (not evident at present), the stock market is clearly still ahead of itself (even after the decline).