[isatrader]

Hi, sorry if this is a stupid question but can you please briefly summarize whether the charts you posted point to the market being extended based on breadth (ie short term bearish)?

Thank you.

If you look at the short term measures on the broader major charts. i.e the NYSE and Nasdaq Composite, which make up the majority of US stocks between them. The Percentage of stocks above their 50 day Moving averages had a breadth thrust to near the top of the range, but have since pulled backed over the last month to 54% and 63% this week. So they are not short term extended anymore imo, as are now in the positive part of the mid range. So have room to manoeuvre again. But doesn't mean they couldn't still pullback further, as both remain on bearish short term signals on the P&F chart. So we need to access the entire Weight of Evidence to get a better idea.