[pcabc]

S&P500 versus Russell 300 Market Breadth*

*approximately, as I've not updated the list of components for the Russell 3000 - I think I did it manually last time...

Note, from when I have looked up the A/D line and compared the Russell 3000 versus the NYSE, the Russell 3000 is more pessimistic.

1. Looks like lower highs and lower lows forming.  Not penetrated the 150 day MA yet though. So weak.

2. The Advance / Decline line has diverged.  The Advancing / Declining Volume line is stronger, but is no higher than it was in April, so it is really diverging as well.  Not a good sign.

3. New highs - new lows is still positive, but small. Weakly posative.

4. Weinstein Momentum is positive but has been declining.  Similar for the 1% Advance / Decline, 5., which is the same calculation but with a 200 day EMA rather than SMA.  The 1% A/D appears though to have leveled off rather than cross below the zero line.  Weakly positive.

6. & 7. show the McClellan Oscillator and its volume version crossing from posative to zero, but they are at the point of crossing, so not negative yet perhaps, but perhaps tomorrow.  So it looks like it will be negative.

8. & 9. the McClellan Summation Index and its volume sibling are negative but gaining strength. However, since these are a plot of cumulative values of the McClellan Oscillators then if 6&7 dip negative these will go back down.

10. & 11.  % stocks above the 20 and 50 day EMAs are about 50%, neutral, but 65% is of stocks are above their 200 day EMA, 12., and although  this lower than the first half of the year it has strengthened over the last few weeks which is a positive sign.

13. Silver Cross Index is at 50% which is neutral but has been increasing, a good sign.  14. Gold Cross Index had been on a long slow decline since spring, a negative sign, but has rapidly poked back up above 70%.  Whether this is real or a glicth in my calculations, which are new, I am unsure.

Overal it looks like there is a little strengthening in the short term, compared to the index price that has been dropping.  Specifically there  are signs of recent strengthening if the % stocks above their EMAs, Silver and Gold Cross Indicies are true, and some increase in the McClennan Summation Indicies. But this is very recent, in the longer term the breadth has been decreasing.   A mixed bag.