[isatrader]

Note: Looking at the recent past on these monthly charts. I'm seeing a similar pattern to early 2012 in this years price action and the moving average breadth indicators levels so far

I presume you mean the top at the beginning of April 2012 followed by the dip and recovery?

Yep, the breadth was in a similar position to now, and markets had made a new high after a sharp recovery from the 2011 Stage 4 breakdown, and then pulled back strongly for a few months after the high, before making a higher low, and going on the make an ascending 3T volatility contraction pattern to the end of the year, before moving higher in earnest. I appreciate there are many differences, I just thought it was worth noting the similarities, as the entire twitter stream I follow is extremely bearish right now. But although the weight of evidence from the various breadth indicators is bearish currently too, it's nowhere near as extreme as the sentiment out there, and remains in the Stage 1 / 3 neutral range with 51.80% above their 150 day moving average in the S&P 500 for example, and only fairly recent sell signals in the advance decline line etc. So it could go either way here still imo from my interpretation of the breadth readings.