A few charts. Not thoroughly tested so look at them with caution. I wonder if anyone has any views. I suspect we might be climbing out of a largish pullback / week period but market breadth is not my forte.
Dow Jones Industrials versus NTSE breadth. The one from the book. Advance / decline just below its SMA50 but above SMA200 & SMA260. Momentum seems to be dropping but is above the zero line. New highs - new lows seems to be capped by a trendline but that line might be tenuous? Cummulative new highs - new lows is on its 100 day moving average.
NASDAQ composite / NASDAQ breadth. Apparenly advance / deline lines tend to fall on this exchange owing to companies going out of business. Advance / decline falling slightly. Momentum appears to be increasing above zero very slowly. Cumulative new-highs minus new-lows is above its SMA100.
AMEX has looked bearish for quite a while. Not sure of the utility of the plot.
For the FTSE I have calculated the advances / declines and new highs and new lows myself. Not sure of the accuracy of the data. The FTSE100 looks like it has failed stage 2. However, the advance decline still looks bullish, no divergence. Momentum well above zero. New highs - new lows looks posative and is above zero. Cummulative version of new highs - new lows is above its SMA100. I wonder how accurate the new high and low data is, it looks strongly over the new high side even though the index seems to not have a strong upward direction.
