[isatrader]

In relation to the price of the corresponding index, I am not sure what constitutes the percentage values as saying that the breadth is bad in relation to the index price.

I'm not sure I understand the question properly. The charts I posted show the three index charts and below each is the percentage of stocks above their 20 day moving averages, the percentage of stocks above their 50 day moving averages and percentage of stocks above their 150 day moving averages that correspond to the index. These all have a scale of 0 to 100.

So for example if you look at the Nasdaq chart you'll see that:

Nasdaq Percentage of stocks above their 20 day moving averages = 27.52%
Nasdaq Percentage of stocks above their 50 day moving averages = 31.32%
Nasdaq Percentage of stocks above their 150 day moving averages = 36.02%

So this would be considered bad imo as less than half of the stocks in the Nasdaq market are above their short and medium term moving averages, yet the index itself is still near to it's highs. i.e. that means it's being held up by only a third of the stocks which means there's increased risk if some of those stocks start to falter.

But on the flip side, as you can see from previous corrections during the Stage 2 advance, if this is only a correction in a continuing Stage 2 advance then in the short term at least we are at or close to levels that have seen previous short term bottoms. But if it turns out to be a more serious correction then it will stay at and below these levels for a while, which is the concern due to the medium term percentages declining also.