[isatrader]

Hmm.  Not too sure what to conclude.  Unless it is 2008 it seems that we are in a pullback but in a few months it will be higher.  But if it is early 2008 then if you hold on there is a much bigger drop to come.  However, looking at the red lines versus the %ages in the shaded areas, t, those percentages have a fair way to drop.  On that basis the pullback will continue for a while?

Does this sound reasonable?

I think the last two year period in the breadth resembles the 2003/2004 and 2009/2010 periods. So I'm judging it compared to the 2004 and 2010 data. Hence we are currently lower than 2010 correction in the 200 day MA, but still above the 2004 level. So my working theory is that we are near to a swing low, but could get a lot more painful yet, that then could give us a modest run for 6 months or so.